ExxonMobil shareholders have demanded for detailed documentation of how the oil giant’s net zero targets will be met and the impacts they will have on the environment and its assets.
This comes after shareholders asked for a full disclosure last year on which assets might be retired in the future – but this has not yet been acted on, they say.
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Michael Marks from LGIM explained in a statement on Tuesday: “We believe such level of disclosure is imperative for investors to better evaluate long-term risks and economic viability of the business in a carbon constrained future.”
“The company’s disclosures still give investors little insight into how retirement costs might accelerate and how large they might be,” CBIS’ John W. Geissinger added.
ExxonMobil responded: “We respect that our shareholders may have viewpoints and perspectives that differ from management and the Board and we always consider their feedback.”
