Church of England, investors urge ExxonMobil to disclose impact of climate change policies on its business

The Church Commissioners of England has co-filed a resolution asking Exxon Mobil, a gas and fuel company, to reveal how climate change policies would impact its business.

The resolution states: "Shareholders request that by 2017 ExxonMobil publish an annual assessment of long term portfolio impacts of public climate change policies, at reasonable cost and omitting proprietary information."

According to the press release by the Church of England, more than 30 institutional investors have already expressed that they will support the motion. They want to have Exxon reveal its portfolio and strategy in line with the agreement arrived at during the Paris climate conference in December last year. This global climate deal aims at keeping global warning to below 2 degrees celcius, thereby limiting the negative impact of climate change.

"We are delighted with the scale of support this resolution has received so far," said Edward Mason, Head of Responsible Investment for the Church Commissioners. "The resolution is part of a much wider trend following the Paris Agreement for investors to ask companies to improve disclosure on how they are positioned for the risks and opportunities posed by climate change."

ExxonMobil has reportedly tried to have the Securities and Exchange Commission strike down the resolution but this was denied. Previously, the company, according to The Guardian, spent about $30 million for researchers and lobby groups to deny climate change but pledged to stop in 2007. However, the publication discovered last year that it was still funding climate denial. Also, The New York Times reports that it is very likely that Exxon had known about the rising CO2 levels in the atmosphere from as far back as 1957, based on documents gathered by activist research group Center for International Environment Law.

Competitors Shell and BP have already agreed to a similar resolution last year.

The Church of England, according to Premier, owns shares at Exxon Mobil worth £5.8 million. They co-filed the resolution with New York State Comptroller Thomas P. DiNapoli as Trustee of New York State Common Retirement Fund.