Exxon Mobil, which is Imperial’s controlling shareholder with a 69.6 per cent ownership stake in the company, sank Bâtirente’s proposal with its vote.a majority of the independent shareholders — 58 per cent — voted in favour of the company adopting a net-zero carbon pledge for its emissions as well as interim targets for emissions.Article content
“I think these coalitions are going to start becoming more demanding of their members,” Cook said, adding that Canadian oil producers have become accustomed to pressure from environmental activists and regulators but should now expect to see even more pressure from their investors.Article content Imperial countered that it preferred to set achievable targets rather than long-term ambitions without clear steps to meet that ambition.
Oilsands producers have committed to reduce the intensity of their emissions in recent years but are now under increasing pressure to cut absolute emissions, not just emissions intensity. There’s also a question about whether or not shareholders are being financially rewarded for net-zero pledges.
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