Feds reject Exxon Mobil bid to block shareholder proposal

Staff Writer
Columbus CEO

ALBANY, N.Y. (AP) — The Securities and Exchange Commission has rejected Exxon Mobil's bid to block a shareholder proposal that would require it to disclose how its business will be affected by a 2-degree target limit on global warming.

New York Comptroller Thomas DiNapoli joined with the Church of England's investment fund and others in filing the proposal. New York's pension fund for public workers has about a $1 billion investment in Exxon Mobil.

They want annual assessments of how Exxon Mobil's portfolio and oil and gas reserves would be affected by the limit endorsed by 195 nations in December. That calls for lower carbon emissions and reductions in burning fossil fuels.

The SEC says it disagrees with the oil company that the proposal is "inherently vague and misleading" or that its existing disclosures cover it.