A proposal by Exxon (XOM) shareholders to cut back on emissions and invest in renewable energy was struck down today at the company’s annual shareholder meeting, CNBC reports.
The Sisters of St. Dominic of Caldwell, NJ, a faith-based institutional investor and member of the Interfaith centre on Corporate Responsibility submitted some of the proposals. They submitted a similar proposal for Chevron, but pulled it once the oil company promised to track and report the carbon content of its products.
Exxon’s board urged shareholders to vote against the proposal, which should come as no surprise, considering CEO, Rex Tillerson thinks the world may not move away from fossil fuels for another 100 years.
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