Exxon Mobil (NYSE:XOM)
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3 Months : From Aug 2019 to Nov 2019
By Maitane Sardon
Forty-seven of the largest U.S companies are coming under fire from 200 institutional investors with $6.5 trillion in assets--including the New York City Comptroller's Office, the California Public Employees' Retirement System and BNP Paribas Asset Manager--for not aligning their lobbying activities with the Paris Agreement on climate change.
Exxon Mobil Corp. (XOM), Chevron Corp. (CVX), Ford Motor Co.(F) and Coca-Cola Co.(KO) are some of the blue-chip stocks being pressured by the group of investors, which has sent a letter to the companies' CEOs requesting information about how their lobbying activities fulfill the Paris Agreement, aimed at holding the increase in global temperatures below 2 degrees Celsius above preindustrial levels.
Investors are requesting that companies review their own corporate-lobbying practices and those of the trade associations of which they are members. If the lobbying activities are not consistent with the Paris Agreement, they said, the companies should take the necessary steps, including engagement and disassociation.
"As investors, we can't allow the companies we invest in to green-wash the public while wagering on climate destruction and regulatory roll-backs in secret. Companies must be held accountable for their words and actions," said New York City Comptroller Scott M. Stringer. "Lobbying must be transparent, disclosed annually to shareholders, and consistent with the Paris Agreement. Our pensioners and our planet depend on it."
Berkshire Hathaway Inc. (BRKA), Dominion Energy Inc. (D), Duke Energy Corp. (DUK), Pepsico Inc. (PEP), Procter & Gamble Co. (PG) and Walmart Inc. (WMT) are among the 47 companies being pressed by the group of investors backing the initiative.
A similar coalition of European investors last year secured commitment to stop climate lobbying from some of the world's largest firms, including Royal Dutch Shell PLC (RDSA.LN), BP PLC (BP) and Unilever (ULVR.LN).
Write to Maitane Sardon at email@example.com
(END) Dow Jones Newswires
September 16, 2019 12:31 ET (16:31 GMT)
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