Description: Request for no-action response from SEC regarding shareholder proposal requesting disclosure of climate change-related information.
Rule 14a-8 No-Action Request to SEC from Exxon Mobil Corp. Regarding Shareholder Proposal Submitted by the New York State Common Retirement Fund et al.
Filing Date Type File Action Taken Summary 03/22/2016 Letter Download SEC said it could not concur that shareholder proposal could be excluded. SEC Advised ExxonMobil to Allow Shareholders to Vote on Climate Change Resolution. The United States Securities and Exchange Commission (SEC) issued a letter to Exxon Mobil Corporation (ExxonMobil) advising it to include a proposal in shareholder proxy materials that would, if approved, require the company to provide additional information to investors about climate change risks. The proposal requested annual assessments of the long-term portfolio impacts of possible climate change policies. The SEC’s letter to ExxonMobil said that the proposal was not “so inherently vague or indefinite that neither the shareholders voting on the proposal, nor the company in implementing the proposal, would be able to determine with any reasonable certainty exactly what actions or measures the proposal requires.” The letter also indicated that the SEC did not agree that the company’s previous public disclosures substantially implemented the disclosure guidelines set forth in the proposals.