Home
/
RELIGION & LIBERTY ONLINE
/
SEC Allows Activist Nuns’ Climate-Change Resolution
SEC Allows Activist Nuns’ Climate-Change Resolution
Jun 27, 2025 1:43 AM

The U.S. Securities and Exchange Commission determined March 22 that ExxonMobil Corporation must for the first time ever allow a vote to proceed on a proxy shareholder resolution submitted by members of the Interfaith Center on Corporate Responsibility. ExxonMobil had attempted to block the resolution with the SEC on the grounds it was vaguely written, pany’s current business practices already aligned with the ICCR resolution and current U.S. regulations. Because any plans for climate-change mitigation in the near future inherently remains vague until specific policies are enacted, pany argued, the SEC should honor ExxonMobil’s No Action Letter on the resolution.

The resolution was filed by ICCR members the Sisters of St. Dominic of Caldwell, NJ, and other faith-based investment groups. If passed, the resolution would require ExxonMobil adopt a “Policy to Limit Global Warming to 2°C.” The passive-aggressive resolution even goes so far as to accuse pany of funding “climate denial” while at the same time sending pany hunting for unicorns:

As a large GHG [greenhouse gas] emitter with carbon intensive products, ExxonMobil should robustly support the global framework to address climate change resulting from the 21st Conference of Parties of the United Nations Framework Convention on Climate Change in December 2015. Constructive engagement on climate policy is especially important given Exxon’s historical role in financing climate denial and misinformation campaigns on climate change. Failing to address this could present reputational risk for ExxonMobil. In contrast to ExxonMobil, ten oil industry peers including Total, Shell, BP, and Saudi Aramco, and business leaders in other industries, support an international agreement to limit warming to 2°C.

Resolved: Shareholders request that the Board of Directors adopt a policy acknowledging the imperative to limit global average temperatures to 2°C above pre-industrial levels, which mitting the Company to support the goal of limiting warming to less than 2°C.

Supporting Statement: We believe that ExxonMobil should assert moral leadership with respect to climate change. This policy would supplement ExxonMobil’s existing positions on climate policy.

On behalf of ExxonMobil, Louis L. Goldberg of Davis Polk & Wardell LLP, responded on Feb. 29:

While the Proponent Letter claims that all the Proposal is asking is that the Company “support the global framework” resulting from the Paris Agreement [COP21], that global framework is in fact insufficient to limit global average temperature increases to 2°C. As demonstrated in the Company No Action Letter, the Paris Agreement itself acknowledges that the intended reductions submitted by the parties to date are insufficient to meet the 2°C target. Further, the Paris Agreement itself is inconsistent in the specific temperature goal it sets; in places, it refers to the need to limit temperature increase to “well below” 2°C, and in other places it refers to simply limiting increases to “below” 2° C. Given that another aspirational target set in the Paris Agreement is to limit temperature increase to 1.5°C, the difference between ”well below” and “below” 2°C could be quite substantial.

While this may seem inside-baseball to some, Mr. Goldberg adds other salient points, including the U.S. GHG reduction targets announced at COP21 were predicated on the Clean Power Plan, which was subsequently stayed by the U.S. Supreme Court.

Having read the SEC determination in the matter (included with the documents linked above), your writer is left scratching his head as to why a resolution so vaguely written wasn’t nixed. Here’s hoping clearer heads prevail when the resolution is voted on at pany’s general meeting this May 25.

Comments
Welcome to mreligion comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
RELIGION & LIBERTY ONLINE
Samuel Gregg on Tocqueville and democracy’s fall in America
Image from Wikimedia ‘Democracy in America’ by Alexis de Tocqueville is a 19th century book that serves as a guide to explain how the American political system has evolved into its current state. In this book, Tocqueville describes what he noticed about American democracy when he traveled through the country in 1831. Acton Institute Director of Research, Samuel Gregg gives insight in a new article at Public Discourseof what Tocqueville noticed about American democracy and how it might be susceptible...
5 facts about the UK Supreme Court’s Brexit decision
This morning, the UK Supreme Court ruled that Brexit may not go forward unless Parliament votes to authorize withdrawal from the European Union, despite the fact that the motion won a national referendum last year. Here are five facts you need to know about British citizens’ attempt to reassert their sovereignty by leaving the Brussels-based international government body. 1. Brexit passed handily and remains popular in England. Parliament voted in June and December 2015 to allow for a national referendum...
Explainer: What you should know about ‘school choice’
In honor of the seventh annual National School Choice Week, here are some facts you should know about school choice in America. What does “school choice” mean? The term “school choice” refers to programs that give parents the power and opportunity to choose the schools their children attend, whether public, private, parochial, or homeschool. Why is school choice necessary? While there are some excellent public schools in America, many students are trapped in schools with inadequate facilities, substandard curriculum, and...
Video: Rev. Sirico on religion and the inauguration of President Trump
Acton Institute President Rev. Robert A. Sirico joined host Neal Cavuto this morning on Fox News Channel’sCost of Freedom to mentary on the national prayer service held today at the Washington National Cathedral as part of the activities surrounding the inauguration of President Donald Trump, and to examine the role the civil religion has played throughout American history. You can view the interview below. ...
Turkey imprisons American pastor for ‘terrorism’
A pastor and North Carolina native is being held in Turkey on unsubstantiated charges of terrorism related activity. After more than 20 years of serving as an evangelical missionary in Turkey, Andrew Brunson, 48, thought he was being summoned to receive a long-awaited permanent residence card. Instead, Brunson was notified that he was being deported based on being a “threat to national security.” He was held for 63 days while being denied access to an attorney—and even denied access to...
How information and incentives solve economic problems
Note: This is post #18 in a weekly video series on basic microeconomics. To solve economic problems we need to solve information and incentive problems. In this video, Alex Tabarrok looks at how Nobel Prize-winner Friedrich Hayek described the price system and its approach to solving the information problem. In this video, we take a look at how Nobel Prize-winner Friedrich Hayek described the price system and its approach to solving the information problem. (If you find the pace of...
Video: Avik Roy on the end of cultural conservatism as we know it
BillBuckley and Russell Kirk were leaders in buildinga movement of cultural conservatism to counter the dominant strain of liberalism that governed American politics following World War II. Thismovement would eventually lead to the presidency of Ronald Reagan and the end of the Cold War, as well as the riseof Republican congressional leadership in the 1990s and following. But with the fall munism and a changing American society, cultural conservatism finds itself at a crossroads. Avik Roy, president ofThe Foundation for...
Audio & Video: Sirico & Bonicelli on the Trump Administration
As the Trump Administration begins its work this week, the media continues to call on the Acton Institute for analysis mentary, both in the US and abroad. Internationally, Acton Director of Programs and Education Paul Bonicelli joined hostAlex Jensen ontbs eFM 101.3’s “This Morning” program in Seoul, South Koreaon January 22ndto discuss the economic challenges facing the ing administration, and the likelihood of potential trade conflicts between the United States and other nations down the road based on the protectionist...
How to pray for President Trump
At noon today, Donald J. Trump was sworn in as the 45th President of the United States. Whether you supported or opposed him, as Christians we have a specific duty to our new president: to pray for him. The Apostle Paul urges us to make “petitions, prayers, intercession and thanksgiving” for “for kings and all those in authority, that we may live peaceful and quiet lives in all godliness and holiness” (1 Timothy 2:1). When we fail to pray for...
Explainer: What you should know about the Trans-Pacific Partnership (TPP)
Earlier today, President Trump took action to formally abandon the Trans-Pacific Partnership. Here is what you should know about the agreement and why it matters. What is the Trans-Pacific Partnership? Five years in the making, the Trans-Pacific Partnership (TPP) was a trade agreement between the United States, Australia, Canada, Japan, Malaysia, Mexico, Peru, Vietnam, Chile, Brunei, Singapore, and New Zealand. The twelve countries in the proposed prise roughly 40 percent of global G.D.P. and one-third of world trade. The purpose...
Related Classification
Copyright 2023-2025 - www.mreligion.com All Rights Reserved