Exxon Mobil Shareholders Demand Accounting of Climate Change Policy Risks

Investors and groups concerned about climate change submitted similar proposals in the last few years, but Exxon resisted.

Increasingly, though, Wall Street and large investors, including fund managers like BlackRock and Vanguard, two of Exxon’s largest investors, have signaled concerns about the risks to companies whose assets were based in fossil fuels that could lose significant value as climate policies and market forces reduce demand.

Exxon would not say how specific funds voted their shares on Wednesday, and Vanguard would not disclose its own vote. A person briefed on BlackRock’s decision said the fund voted with the majority on the proposal.

BlackRock voted for a similar proposal earlier this year at Occidental Petroleum, the first time it had opposed company management on such a measure.

Three years ago, a group of investors…

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