In the past, shareholder votes on the environment were rare and easily brushed aside. Things could look different in the annual meeting season starting next month, when companies are set to face the most investor resolutions tied to climate change in years.
A broad theme is to press corporations across sectors, from oil and transport to food and drink, to detail how they plan to reduce their carbon footprints in coming years, in line with government pledges to cut emissions to net zero by 2050. "The demands for increased disclosure and target-setting are much more pointed than they were in 2020," said Daniele Vitale, the London-based head of governance for Georgeson, which advises corporations on shareholder views.While more and more companies are issuing net-zero targets for 2050, in line with goals set out in the 2015 Paris climate accord, few have published interim targets. A study https://www.southpole.
At an industry level, there are large differences, the study found: If every company emitted at the same level as the energy sector, for example, the temperature rise would be 5.8C, with the materials sector - including metals and mining - on course for 5.5C and consumer staples - including food and drink - 4.7C.
An Exxon spokesman said it had ongoing discussions with its stakeholders, which led to the emissions disclosure. He declined to comment on the requests to skip votes, as did the SEC, which had not yet ruled on Exxon's requests as of late Tuesday.Given the influence of large shareholders, activists are hoping for more from BlackRock, the world's biggest investor with US$8.7 trillion under management, which has promised a tougher approach to climate issues.