Exxon’s Shareholders Just Forced the Oil Giant’s Hand on Climate Change

Investors staged an unprecedented fight against the board on Wednesday.

Francis Joseph Dean/ZUMA

Fight disinformation: Sign up for the free Mother Jones Daily newsletter and follow the news that matters.


In a landmark victory in the fight against climate change by corporations, Exxon Mobil shareholders on Wednesday voted to approve a plan that could force the oil company to release more information concerning its efforts to combat global warming.

The 62.3-to-37.7 landmark vote, which took place at Exxon’s annual meeting in Dallas, comes amid mounting investor pressure for management to be more accountable when working to prevent worldwide temperatures from rising 2 degrees Celsius—a goal stipulated in the Paris climate accord. The energy giant has been notoriously resistant to such calls, with some board members claiming the company already produces enough reporting on the issue.

Last year, when the same measure was called to a vote, only 38.1 percent of shareholders supported it. In the interim, several new lawsuits against Exxon, including ones from the attorney generals in New York and Massachusetts, have been launched, accusing the world’s largest oil company of knowingly misleading the public about the effects of global warming for decades. In a twist, Exxon and its former head, Secretary of State Rex Tillerson, are among those urging the Trump administration to remain in the accord.

The unprecedented resolution on Wednesday was announced just hours after multiple news outlets reported President Donald Trump intends to withdraw from the historic Paris climate agreement, although the president himself remained coy on Twitter about his final decision.

New York State Comptroller Thomas DiNapoli recently told CNN that Exxon’s defense of the Paris accord amounted to “empty words unless the company backs them up with action.” On Wednesday, DiNapoli applauded the shareholder vote as an “unprecedented victory,” noting the onus was now on Exxon to meet the demands of its investors and take climate change “seriously.”

A BETTER WAY TO DO THIS?

We have an ambitious $350,000 online fundraising goal this month and we can't afford to come up short. But when a reader recently asked how being a nonprofit makes Mother Jones different from other news organizations, we realized we needed to lay this out better: Because "in absolutely every way" is essentially the answer.

So we tried to explain why your year-end donations are so essential, and we'd like your help refining our pitch about what make Mother Jones valuable and worth reading to you.

We'd also like your support of our journalism with a year-end donation if you can right now—all online gifts will be doubled until we hit our $350,000 goal thanks to an incredibly generous donor's matching gift pledge.

payment methods

A BETTER WAY TO DO THIS?

We have an ambitious $350,000 online fundraising goal this month and we can't afford to come up short. But when a reader recently asked how being a nonprofit makes Mother Jones different from other news organizations, we realized we needed to lay this out better: Because "in absolutely every way" is essentially the answer.

So we tried to explain why your year-end donations are so essential, and we'd like your help refining our pitch about what make Mother Jones valuable and worth reading to you.

We'd also like your support of our journalism with a year-end donation if you can right now—all online gifts will be doubled until we hit our $350,000 goal thanks to an incredibly generous donor's matching gift pledge.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate