Institution Theme Category Industry
  • BlackRock
  • Environmental
  • Climate
  • Oil & Gas
Company Year Market Link
Exxon Mobil Corporation 2017 N/A https://www.blackrock.com/corporate/literature/press-release/blk-vote-bulletin-exxon-may-2017.pdf

BlackRock has been engaging in direct and private dialogue with Exxon over several years on a wide range of governance issues that we believe have long-term economic implications for investors. Some of our engagements have been in the context of shareholder proposals, including on the management and reporting of climate-related risk.
In the past year, we’ve engaged more directly on Exxon’s reporting of climate-related risks. We have also engaged with the shareholder proponents to better understand their views. We believe it is in long-term shareholders’ best economic interests for Exxon to enhance its disclosures. We therefore voted in favor of the shareholder proposal focused on the 2-degree Celsius warming target (the “2-degree scenario”) as outlined in the Paris Agreement under the United Nations Framework Convention on Climate Change.
In addition, we have repeatedly requested to meet with independent board directors over the past two years to better understand the board’s oversight of the company’s long-term strategy and capital allocation priorities amidst major strategic challenges and regulatory inquiry (including but not be limited to oversight of climate risk). The company declined to make directors available, citing a non-engagement policy between independent board members and shareholders.

Details

  • Proponent
  • Shareholder
  • Resolution
  • Report on Impacts of Climate Change Policies
  • Vote
  • AGAINST
  • Rationale
  • N/A
  • Details
  • …we have repeatedly requested to meet with independent board directors over the past two years to better understand the board’s oversight of the company’s long-term strategy and capital allocation priorities amidst major strategic challenges and regulatory inquiry (including but not be limited to oversight of climate risk). The company declined to make directors available, citing a non-engagement policy between independent board members and shareholders.
    …we have not been able to fully assess the board’s oversight of a range of key risks and its decision-making process pertaining to long-term strategy and capital allocation. In line with our expectations that the lead independent director should be available to shareholders, we voted against the re-election of the lead independent director and the chair of the committee responsible for setting this policy in both 2016 and 2017. We will continue to request direct engagement with the independent directors.