Investors with $6 trillion in assets back ExxonMobil climate change resolution: UK Church fund

Reuters News
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Posted: Apr 12, 2016 3:26 AM

LONDON (Reuters) - Institutions managing $6 trillion in assets plan to back a call for U.S. oil major ExxonMobil to disclose the impact of climate change policy on its business, one of the organizers of the vote said On Tuesday.

The Church Commissioners for England, which co-filed the shareholder proposal with the New York State Comptroller Thomas P. DiNapoli, as Trustee of New York State Common Retirement Fund, said more than 30 large investors had signed up so far.

The resolution asks Exxon to disclose how resilient its portfolio and strategy would be under a globally agreed plan to restrict global warming to 2 degrees, as agreed in Paris in December.

Among those to sign up so far for the proposal, which will be voted on at ExxonMobil's annual general meeting on May 25, were Amundi, AXA Investment Management, BNP Paribas, CalPERS, and Legal & General Investment Management, it said.

"The resolution is part of a much wider trend following the Paris Agreement for investors to ask companies to improve disclosure on how they are positioned for the risks and opportunities posed by climate change," Edward Mason, Head of Responsible Investment for the Church Commissioners said in a statement.

The U.S. Securities and Exchange Commission last month ruled Exxon must include the resolution at its AGM despite the firm arguing it already provideds adequate carbon disclosures.

(Reporting by Simon Jessop, editing by Sinead Cruise)