Bloomberg BNA: SEC splits decision on carbon risk proposals from investors at Chevron, ExxonMobil

The Securities and Exchange Commission has responded to two similar climate change-related proposals from investors at Chevron Corp. and ExxonMobil Corp. in two different ways. In a pair of shareholder resolutions filed earlier this proxy season, investors asked the companies to return more money to them as dividends or share buybacks, rather than spending money on expensive and carbon-intensive oil projects such as tar sands that they think are risky investments in the face of climate change.

In both cases, the companies challenged the resolutions and asked the SEC to exclude them from consideration at their annual meetings.

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