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Commissioners Join ExxonMobil Push

The Church of England has joined an initiative by institutional investors calling on ExxonMobil to make public its greenhouse gas reduction targets.

A prime mover in the campaign is New York State Comptroller Thomas P. DiNapoli, as trustee of the New York State Common Retirement Fund. The Church Commissioners and others have filed shareholder resolutions supporting the campaign.

“We want to see ExxonMobil develop a clear strategy for long-term sustainability, in line with international commitments for a safer climate,” said Edward Mason, head of responsible investment for the Church Commissioners. “While we have been pleased to see ExxonMobil start to address the impact of climate change on its business over the past two years, the company has much more to do.”

The action involves 310 investors with more than $32 trillion under management as the largest shareholder engagement initiative on climate change. The resolution is expected to be the subject of a shareholder vote at ExxonMobil’s annual meeting in the spring of 2019.

John Martin

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