Exxon shareholders approve climate impact report in win for activists
https://www.reuters.com/article/us-exxo ... SKBN18R0DC
"This is an unprecedented victory for investors in the fight to ensure a smooth transition to a low carbon economy,” New York State Comptroller Thomas DiNapoli, who spearheaded the proposal, said in a statement."
Obviously the vote will have no impact on a "transition to a low carbon economy" by XOM or any other petroleum company. How could it? It doesn't matter what XOM publishes about climate change. It is spending many tens of $BILLIONS today to increase its capacity to produce even more fossil fuel products. Such as the $10 BILLION cracker (the largest in the world) it just approved in south Texas that will supply the world market with even more fossil fuel components to make plastic and other petrochemical products the consumers are demanding.
It was the big funds (incl funds state govt's invest in) that pushed the vote for PR gains. It would have much more impressive if those environmentally concerned investors had voted to have XOM reduce its activities. But that would have decreased the value of their investments, of course.
But an excellent PR move: in the 24 hours since the vote the value of the stock owned by the shareholders increased $1.9 BILLION. Think how much more it will gain as it continues to expand its hydrocarbon production.
I don't know about the rest here but this one environmentally conscious XOM shareholder is very pleased with the vote. The stock had already increased 10% since the Rockman bought in back in 2015. And that's on top of the 3.6% dividend yield he's gotten. LOL
It's just great to share that warm green feeling with New York State Comptroller Thomas DiNapoli. LOL.