How long can Exxosaurus hold out before it takes action? It may dismiss concerns from environmentalists but it is coming under increasing pressure from shareholders to take decisive action over climate change. This time its pressure from the treasurers of seven US states and one city who are pressuring Exxon’s board of directors for a meeting on its plans to address climate change.
The treasurers of California, New York, Pennsylvania, Maryland, Maine, Vermont and New York City, together with eight other institutional investors –own over $5 billion in Exxon shares.
Robyn Belek, deputy director of communications with the Connecticut Treasurer’s office says: “We’re looking at this strictly from a financial perspective, not from a social perspective.” Connecticut treasurer Denise Nappier adds “ExxonMobil is making a massive bet – with shareholders’ money – that the world’s addiction to oil will not abate for decades, even as its competitors are taking significant steps to prepare for a rapidly changing energy environment.”
You know what – I think Exxosarous has backed the wrong horse.