Exxon’s Shareholders Just Forced the Oil Giant’s Hand on Climate Change

Investors staged an unprecedented fight against the board on Wednesday.

Francis Joseph Dean/ZUMA


In a landmark victory in the fight against climate change by corporations, Exxon Mobil shareholders on Wednesday voted to approve a plan that could force the oil company to release more information concerning its efforts to combat global warming.

The 62.3-to-37.7 landmark vote, which took place at Exxon’s annual meeting in Dallas, comes amid mounting investor pressure for management to be more accountable when working to prevent worldwide temperatures from rising 2 degrees Celsius—a goal stipulated in the Paris climate accord. The energy giant has been notoriously resistant to such calls, with some board members claiming the company already produces enough reporting on the issue.

Last year, when the same measure was called to a vote, only 38.1 percent of shareholders supported it. In the interim, several new lawsuits against Exxon, including ones from the attorney generals in New York and Massachusetts, have been launched, accusing the world’s largest oil company of knowingly misleading the public about the effects of global warming for decades. In a twist, Exxon and its former head, Secretary of State Rex Tillerson, are among those urging the Trump administration to remain in the accord.

The unprecedented resolution on Wednesday was announced just hours after multiple news outlets reported President Donald Trump intends to withdraw from the historic Paris climate agreement, although the president himself remained coy on Twitter about his final decision.

New York State Comptroller Thomas DiNapoli recently told CNN that Exxon’s defense of the Paris accord amounted to “empty words unless the company backs them up with action.” On Wednesday, DiNapoli applauded the shareholder vote as an “unprecedented victory,” noting the onus was now on Exxon to meet the demands of its investors and take climate change “seriously.”

OUR NEW CORRUPTION PROJECT

The more we thought about how MoJo's journalism can have the most impact heading into the 2020 election, the more we realized that so many of today's stories come down to corruption: democracy and the rule of law being undermined by the wealthy and powerful for their own gain.

So we're launching a new Mother Jones Corruption Project to do deep, time-intensive reporting on systemic corruption. We aim to hire, build a team, and give them the time and space needed to understand how we got here and how we might get out. We'll publish what we find as a major series in the summer of 2020, including a special issue of our magazine, a dedicated online portal, and video and podcast series so it doesn't get lost in the daily deluge of breaking news.

It's unlike anything we've done before and we've got seed funding to get started, but we're asking readers to help crowdfund this new beat with an additional $500,000 so we can go even bigger. You can read why we're taking this approach and what we want to accomplish in "Corruption Isn't Just Another Scandal. It's the Rot Beneath All of Them," and if you like how it sounds, please help fund it with a tax-deductible donation today.

We Recommend

Latest

Sign up for our newsletters

Subscribe and we'll send Mother Jones straight to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate