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SEC requires ExxonMobile, Chevron climate change resolutions

Joe Mont | March 24, 2016

The Securities and Exchange Commission has denied efforts by ExxonMobil and Chevron to exclude shareholder resolutions seeking additional disclosures related to climate change. The decision was detailed in recent no-action letters issued by the Division of Corporation Finance.

A coalition of investors, including New York State Comptroller Thomas DiNapoli (who oversees the New York State Common Retirement Fund and its $184.5 billion in assets under management) and the endowment fund of the Church of England, asked ExxonMobil, Chevron, and other energy companies to “stress test” and disclose any effect the so-called Paris Agreement, an international effort to combat global warming, could have on their business models and oil and gas reserves.

At the recent United Nations Conference on Climate Change, a coalition of 195 world leaders agreed to unified actions intended to keep the rise in global temperatures below two degrees Celsius. The sought-after disclosures would be...

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