President Donald Trump may have quit the Paris climate accord, but shareholders are not going to let carbon-producing US companies off the hook. Witness the investor victory over Exxon Mobil Corp. management on May 31, a day before the Trump decision.
Over the Exxon board's objections, almost two-thirds of shareholders voted for a proposal asking the company to provide a detailed report on how curbing climate change could affect its business. Leading the charge was the giant New York State Common Retirement Fund, which manages USD 192 billion and is a veteran activist. Its partner was a far smaller and lower-profile newcomer taking one of its first public stands in the US: the Church of England.