EXXONMOBIL: REPORT TO SHAREOWNERS ON FINANCIAL RISKS RESULTING FROM CLIMATE CHANGE AND ITS IMPACT ON SHAREOWNER VALUE
Whereas: There is general consensus among climate scientists that, without significant intervention, climate change will result in dramatic weather events, rising sea levels, drought in some areas, and significant impacts on human and ecosystem health. The Pentagon also believes that climate change has significant national security implications. Climate change will therefore have profound negative effects on global economies, confronting business leaders with major challenges. Business and political leaders, as well as scientists globally, have identified risks of climate change for the natural environment and the global economy and are calling for urgent action. In response numerous companies are proactively reducing their carbon footprints. Others, including ExxonMobil, are lobbying actively for specific, legislative changes to shape future laws and regulations. ExxonMobil is advertising its investments in alternative energy, including research on converting algae into fuel, to illustrate steps being taken to diversify fuel sources and reduce greenhouse gases contributing to climate change. Many investors, including members of the Investor Network on Climate Risk, representing approximately $7 trillion of assets under management, are urging companies to provide full disclosure of climate risk and urging the Securities and Exchange Commission to mandate such disclosure. Many companies are conducting internal assessments of the business risks and opportunities posed by climate change and some, such as AES, Dow Chemical, DuPont, Exelon, Ford, Intel, PG&E, and Xcel are adding sections in their 10K Reports on present and future risks. As investors, we are concerned about ways in which climate change and related government policies can adversely affect our investment in ExxonMobil. Hence, we believe it is important for ExxonMobil to carefully study the financial impacts, risks and opportunities posed by climate change on our company and its future operations to enable ExxonMobil to respond effectively and make the changes necessary to protect shareowner value. The results of the study would be reported to shareowners. Resolved: Investors request ExxonMobil’s Board of Directors to prepare a report to shareowners on the financial risks resulting from climate change and its impacts on shareowner value over time, as well as actions the Board deems necessary to provide long-term protection of our business interests and shareowner value. The Board shall decide the parameters of the study and summary report.
A summary report will be made available to investors by September 15, 2010. Cost of preparation will be kept within reasonable limits and proprietary information omitted. Supporting Statement
We suggest the report consider the following issues in its analysis: Emissions management; Physical risks of climate change on our business and operations (e.g. the impact of rising
sea levels on drilling operations and refineries, including the supply chain);
U.S. and global regulatory risks of legislative proposals on carbon taxes and cap and trade; “Material risks” with respect to climate change ; Reputation, brand and legal risk; Positive business opportunities for ExxonMobil
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OXFORD ENDOCRINOLOGY MASTERCLASS OXFORD CENTRE FOR DIABETES, ENDOCRINOLOGY AND METABOLISM DISORDERS OF GROWTH AND DEVELOPMENT, THYROID GLAND, APPETITE AND WEIGHT, METABOLISM 12TH-13TH SEPTEMBER 2013 ST CATHERINE’S COLLEGE, OXFORD PROGRAMME THURSDAY 12TH SEPTEMBER 2013 9.15-9.45 Registration and Coffee 9.45-10.00 WELCOME AND MEETING OBJECTIVES