In March, I noted BlackRock’s increasing concern over climate. One element of its statement was “potential support for shareholder resolutions on climate risk”, where “management’s response to our prior engagement has been inadequate. Turns out that they meant it.
Earlier this month, shareholders at Occidental Petroleum approved a climate reporting proposal – over the directors’ opposition – proposed by CalPERS and supported by BlackRock, which is apparently Occidental’s largest shareholder. True to its word, a statement from BlackRock noted that there was indeed a “lack of response” by the company’s management to previously expressed concerns about Occidental’s climate risk reporting.
Who’s next? ExxonMobil shareholders vote on a similar proposal on May 31.
Hat tip to Sarah Altschuller and our CSR blog for bringing this to my attention.