ExxonMobil’s attitude toward global warming could cost the company’s shareholders billions of dollars in coming years, according to a new study by Claros Consulting. The study contends that ExxonMobil’s climate-change strategy involves unnecessary risks and missed opportunities, both financially and environmentally, while it helps competitors at the company’s expense. ExxonMobil faces three environmental-related shareholder resolutions in its proxy statement for its May 29 annual meeting. The company opposes all three, noting similar resolutions for the last two years have lost by more than 90% of the shares voted.
The study, which will be released Wednesday, was commissioned by shareholder activist Robert A.G. Monks, Coalition for Environmentally Responsible Economics, and Campaign ExxonMobil, a religious-based coalition.
