Photographer: David Paul Morris / Bloomberg
Photographer: David Paul Morris / Bloomberg
The The U.S. Securities and Exchange Commission has told ConocoPhillips and Occidental Petroleum to keep shareholder votes on new emissions targets, Financial Times statement, citing a letter sent by the SEC to ConocoPhillips that the publication has seen.
The SEC has denied requests from both companies to cancel shareholder moves that required them to carefully consider their plans to cut their “Scope 3” releases. Both oil companies said the proposals were aimed at micro-controlling their operations but the SEC said it was “unable to agree” with this argument, the FT said.
The regulator’s view is that the proposal does not seek to impose micro-control on the company to the extent that it is appropriately prohibited the SEC wrote to ConocoPhillips. This is the first time the SEC has rejected requests from oil and gas companies to ban votes on Scope 3, unidentified activists told FT.
ConocoPhillips, Occidental Petroleum and the SEC did not respond to FT requests for comment.
The SEC has been reiterates the strongest signals that corporations need to disclose more to shareholders about how climate change will affect their businesses.
Allison Herren Lee, chair of the regulator, announced earlier this week that the group will seek public comments on possible policy changes. “It’s time to move from the” if “question to the more difficult issue of how we get publicity on climate,” Lee said in a speech before the Center for American Progress, a trade body.
The SEC also disagreed with Exxon Mobil Corp. a request to allow him to block a resolution from BNP Paribas Asset Management that persuaded the oil giant to account for, and how, its lobbying activities in line with global efforts to fight global warming – an early sign that U.S. regulators are less tends to side with companies on environmental, social and regulatory issues under President Joe Biden.
Read More: US Global Climate Impact Indicator for Wall Street
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