The Guardian: Exxon shareholders lose out on vote over high-risk carbon projects

ExxonMobil shareholders will not be able to vote on whether the oil company should stop investing in risky, high-carbon projects after failing to win support from the Securities and Exchange Commission this week. Wednesday’s decision not to require the proxy vote comes a week after the federal agency ruled in favor of including a near-identical shareholder proposal on the Chevron proxy ballot in May.

Both proposals, represented by Arjuna Capital and nonprofit As You Sow, aim to pressure oil companies to stop investing in expensive fossil-fuel extraction projects – such as ultra deepwater, arctic drilling and tar sands projects – and instead share that money with investors as dividends.

Read the full article at The Guardian.