The Wall Street Journal reported last week that heavyweight investment groups BlackRock Inc. and Vanguard Group are both backing a vote in favour of a proposal that would push Exxon to disclose climate-change risk, a move the US firm opposes.
Other big shareholders, including the California Public Employees’ Retirement System and other large city and state pension funds, are also reported to be urging Exxon to act on climate change issues.
Meanwhile, earlier this month, an influential shareholder proxy service, Institutional Shareholder Services Inc, advised Exxon investors to vote against the company’s executive pay policy, saying the group’s compensation program has fallen short of expectations as well as market practices.
Exxon’s annual meeting is due to be held on Wednesday in Dallas.
Last week, London-listed Anglo-Dutch oil giant Royal Dutch Shell Group PLC (LON:RDSB) managed to fight off a similar proposal on climate change and avoid any revolt over chief executive Ben Van Beurden’s multi-million euro salary at its AGM in The Hague.
FTSE 100-listed peer BP PLC (LON:BP.) also saw off a possible pay revolt at its annual meeting earlier in the month, but only after a climb-down in April on its CEO, Bob Dudley’s remuneration package.