SEC Allows Exxon block shareholder vote on climate proposal

Securities regulators will let Exxon Mobil block shareholders from voting on a proposal for reducing greenhouse gas emissions that the company disclose goals.

Activist investors pushed against the proposal, which urges Exxon to establish annual targets in line with goals determined by the Paris climate arrangement.

Exxon asked the Securities and Exchange Commission in January because of consent to bar the settlement.

On Tuesday, the SEC’s corporate-finance division notified both sides that it would not recommend enforcement actions against Exxon if the company keeps the item off its yearly shareholder meeting, which is usually held in late May — in consequence, a green light to Exxon to drop the matter.

An SEC attorney claims that the measure would”micromanage” the business and supplant the conclusion of Exxon managers and directors.

A spokesman for Irving, Texas-based Exxon fell to comment on the judgment.

New York Comptroller Thomas DiNapoli argues that a low-carbon worldwide market is a significant threat for Exxon and the company isn’t ready. He predicted the SEC ruling”a bump on the road” but pledged to keep pressing Exxon about the situation.

Exxon has confronted a bevy of shareholder resolutions. In 2017, shareholders disregarded opposition from Exxon’s board and approved a measure urging the company to explain how climate-change policies may affect the its company.