SEC Allows Chevron & Exxon to Dismiss Shareholder Climate Proposal

What did the SEC say? 

Chevron Corp. and Exxon Mobil Corp. may reject a shareholder proposal calling for reports on how the companies are addressing climate change goals.  

What the shareholder group requests

• information on steps to align with the Paris Agreement goal of net-zero emissions by 2050
• reduction targets
• long-term business plans

The SEC response trend 

climate change-related proposals from shareholders are interpreted as micromanaging which in turn leads to companies to be less specific in reporting

Pensions & Investments | Exxon, Chevron given OK to dismiss shareholder climate proposal