(Michael Nagle/Bloomberg)ExxonMobil management was defeated Wednesday by a shareholder rebellion over climate change, as investors with 62.3 percent of shares voted to instruct the oil giant to report on the impact of global measures designed to keep climate change to 2 degrees centigrade. The shareholder rebellion at the ExxonMobil annual meeting in Dallas was led by major financial advisory firms and fund managers who traditionally have played passive roles. “Climate change is one of the greatest long-term risks we face in our portfolio and has direct impact on the core business of ExxonMobil,” he said in a statement. This month similar resolutions demanding that management explain how climate change could affect their businesses were adopted at Occidental Petroleum and PPL, a large utility holding company. But other experts say that the uncertainties about the size and consequences of climate change make disclosure useless.

Source: Washington Post May 31, 2017 10:09 UTC