* Follow This targets Exxon for first time
* Dutch group also targets other energy companies
By Ron Bousso and Sabrina Valle
LONDON, Dec 12 (Reuters) - Climate activist group Follow
This targeted Exxon Mobil Corp with a shareholder
resolution urging it to deepen its carbon emissions reduction
targets, ramping up pressure on the oil and gas company over its
energy transition strategy.
The shareholder resolution ahead of the 2022 annual general
meeting urges Exxon to publish medium and long-term targets to
reduce the greenhouse gas (GHG) emissions from its operations
and the burning of fuels sold to customers, known as Scope 3
emissions, in order to meet the U.N.-backed targets to limit
global warming to below 2 degrees Celsius.
Exxon has successfully blocked attempts to file similar
resolutions with the Securities and Exchange Commission during
the presidency of Donald Trump. Exxon has not responded to an
inquiry on whether it would seek to block the latest Follow This
resolution.
Dutch organisation Follow This first targeted Royal Dutch
Shell in 2016 and later expanded actions to other top
oil and gas companies, gaining growing shareholder support. It
is the first time it is targeting U.S. companies Exxon and
Marathon Petroleum Corp.
Companies have introduced in recent years climate strategies
that vary widely in scope and ambition.
It has also filed new resolutions with Chevron,
ConocoPhillips, Occidental Petroleum, and
Phillips 66, as well as Shell and BP PLC for the
2022 meetings.
"In previous years, Big Oil's executives have shown that
they only move after their shareholders vote for climate
resolutions," Follow This founder Mark van Baal said in an
investor briefing.
A coalition of Exxon investors said in a report https://www.reuters.com/markets/us/exxon-investors-say-new-board-members-have-not-done-enough-report-2021-12-09
released on Thursday that it wants the oil company to replace
its chief executive officer and move more aggressively to slash
GHG emissions.
Six months after hedge fund Engine No. 1 successfully placed
three new directors on Exxon's board to improve its climate
approach, the report also said its newly appointed board members
and management team have not done enough to transition to clean
energy or overhaul spending.
Exxon earlier this month released its new investment
strategy into 2027, increasing spending over the next six years
on GHG emission-reduction projects to a total of $15 billion.
Chevron's board "reviews proposals from shareholders in
detail and will make recommendations to stockholders about how
to vote on each request" in its proxy statement, planned for
April 7, spokesperson Sean Comey said.
Marathon, BP and Shell confirmed receiving the resolution.
Phillips 66 and Conoco declined to comment.
(Reporting by Ron Bousso and Sabrina Valle
Editing by Marguerita Choy)
