"Exxon Agrees to Disclose Climate Risks Under Pressure from Investors"

"In an SEC filing, the oil giant dropped its opposition to a shareholder demand for disclosure. Exxon also faces climate fraud investigations by two states."

"Under pressure from investors, prosecutors and global regulators, ExxonMobil Corp. agreed on Monday to strengthen its analysis and disclosure of the risks its core oil business faces from climate change and from government efforts to rein in carbon dioxide emissions from fossil fuels.

That will require Exxon to face squarely the implications of reduced oil demand if the world makes good on the pledges of the Paris climate agreement to cut carbon emissions practically to zero fast enough to avoid the worst effects of global warming.

In a one-paragraph filing to the Securities and Exchange Commission, the oil giant said it would stop resisting motions filed by dissident shareholders seeking this kind of risk disclosure. Over the past few years, more shareholders have sided with the dissidents, who have included descendants of the founding Rockefeller family, faith and social progress groups and important financial institutions. Earlier this year, 62 percent of shareholders voted for Exxon to annually report climate risk."

John H. Cushman Jr. and David Hasemyer report for InsideClimate News December 12, 2017.

SEE ALSO:

"Exxon Deal Aside, Tough Proxy Season Looms At U.S. Energy Firms" (Reuters)