Our latest initiative at ExxonMobil on care for creation has cleared a major hurdle. The oil and gas giant tried to scuttle our groundbreaking shareholder resolution on climate change, but the U.S. Securities & Exchange Commission sided with CBIS. As a result, Exxon shareholders will vote on our proposal at the company’s 2021 annual meeting.
What is CBIS proposing?
Late last year, CBIS led a $350 billion+ investor coalition in filing a resolution urging Exxon to issue an audited report on financial risks from the shift to a low-carbon economy. Exxon tried to block the proposal from a vote, but the SEC ruled in CBIS’ favor on March 9.
Why does it matter?
For more than 20 years, CBIS has worked with major oil and gas producers in our investment portfolio to spur action on climate change. We believe these companies have a critical role to play in the transition away from fossil fuels, as they are best equipped to drive the adoption of low-carbon energy sources on a global scale.
CBIS has achieved a string of successes through our active ownership work with Exxon, but the company remains an industry laggard on climate issues. The shareholder resolution recently upheld by the SEC would bring Exxon closer to its more progressive peers.
What happens next?
CBIS will rally support for our proposal in advance of Exxon’s Annual Meeting of Shareholders, which typically takes place in late May. Stay tuned for updates!
For more information on Exxon’s attempt to block our resolution, go to the SEC website and scroll down to the table of proposals and type Christian Brothers Investment Services into the search box.
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