In a setback for Exxon Mobil Corp., the U.S. Securities and Exchange Commission refused last week to block a proposal from shareholders asking the company to explain how climate change will affect its overall business. The SEC’s ruling could embolden shareholders to file similar proposals, which have already become increasing popular, according to corporate governance experts.
Exxon had argued that the proposal, initiated by a group of investors led by Thomas DiNapoli, trustee of the New York State Common Retirement Fund and state comptroller, was too vague and it already publicly discloses carbon-related information. But the SEC rejected that argument in a letter to Exxon, according to Reuters, which obtained a copy of the letter.
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