Currents - Energy Industry Insights, Volume 5, Issue 19

A Bad Day for Big Oil -

"ExxonMobil, Chevron lose key shareholder votes and Dutch court orders Shell to cut emissions faster."

Why this is important: Issues related to climate change embroiled three oil companies this week. Shareholders of ExxonMobil rejected management recommended directors and voted in two independent directors with other races too close to call in two other board seats. The shareholders want the energy giant to better address climate change, and both groups spent millions of dollars in the voting campaign. At Chevron, 61 percent of its shareholders approved a motion for the company to develop plans to cut its greenhouse gas emissions, including its customers' emissions. And, a court in the Netherlands ordered Royal Dutch Shell to cut its greenhouse gas emissions 45 percent from 2019 levels by 2030. The ExxonMobil and Chevron developments are highly unusual as big investor shareholders typically follow management recommendations and vote down these types of motions and alternate Board of Director candidates. Issues involving climate change continue to reverberate around the entire world’s economy.

Please see full Newsletter below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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