(Reuters) – Exxon Mobil Corp (XOM.N) and Chevron Corp (CVX.N) shareholders on Wednesday overwhelmingly rejected calls for stronger measures to mitigate climate change, dismissing more than a dozen climate-related proposals at their annual meetings.
The results supported the two largest U.S. oil producers in resisting pressure from investor groups calling for the pair to follow European rivals in accepting tougher emissions reductions goals.
Despite efforts by Shell PLC (SHEL.L), BP PLC (BP.L) and TotalEnergies (TTEF.PA), protesters still stormed their shareholder meetings this year, seeking a faster shift away from fossil fuels. Their demands similarly failed.
Exxon and Chevron’s meetings were online, avoiding similar protests.
“There is no single oil major that really wants to transition,” said Mark van Baal, founder of activist group Follow This, which suffered resounding losses at several meetings. “They all want to hang on to fossil fuels as long as possible.”