SEC Sets Limits On Shareholder Climate Actions

By Keith Goldberg (April 9, 2019, 7:09 PM EDT) -- The U.S. Securities and Exchange Commission is drawing new boundaries around how shareholders in ExxonMobil and other energy companies can demand climate change-related actions like reducing corporate carbon footprints and demanding disclosures on progress.

Last week, the SEC said ExxonMobil could exclude from its upcoming annual shareholder meeting a proposal calling for the adoption and disclosure of greenhouse gas emissions targets aligned with the reduction goals outlined in the Paris climate agreement.

The commission said in an April 2 no-action letter that the proposal "would micromanage the company by seeking to impose specific methods for implementing complex policies in place of...

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