For ExxonMobil, this is an unprecedented turning point. Despite having long opposed it, the American oil giant will now have to be clearer and more transparent about the impact of climate change. And this at the behest of its own investors.

ExxonMobil yields to its shareholders

It all goes back to ExxonMobil's shareholders' meeting, held on 31 May, at the very same time as US President Donald Trump was preparing the press conference at which he would announce the United States' withdrawal from the Paris Agreement. Among the many motions on the agenda, one calls for a detailed report on the impact on the company's business model of global policies aimed at limiting the average rise in temperatures to below 2 degrees Celsius. The motion's sponsors include, among others, the Anglican Church and Thomas P DiNapoli, Comptroller of the State of New York.

The same motion had been put forward the previous year, but had gathered barely just over 38 per cent of votes in favour. This year, however, it was approved by a landslide majority of 62 per cent. It is not a binding vote, but it nonetheless sends a clear signal to ExxonMobil's leadership, which has always declared itself opposed to the proposal.

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In a stunning victory, a resolution on #climaterisk disclosure at #ExxonMobil passed with 62% majority! ceres.org/news-center/pr… @CeresNews

♥ 65💬 4 31 mag 2017 · Apri su X →

BlackRock and State Street prove decisive

Among the most heavyweight supporters are two giants of the calibre of BlackRock and State Street Global Advisors, the world's first and third largest asset managers respectively. A few months ago, State Street Corporation, the parent company of State Street GA, commissioned its research centre to carry out a study on sustainable investment in which nearly six hundred institutional investors were surveyed. Their responses leave no room for doubt: 92 per cent of them require companies to explicitly identify ESG (environmental, social and governance) factors. Only 35 out of 100 believe this is equivalent to sacrificing a portion of their returns.

BlackRock's shift on climate change

The other prominent name is that of BlackRock, which at ExxonMobil's 2016 annual meeting had voted down the same motion, drawing heavy criticism. The world's largest fund has also, in recent months, issued clear and unequivocal statements on climate. Climate change — as stated in official documents published by the financial giant — will be a topic for active dialogue and debate with company management. And, should boards of directors prove insufficiently prepared to work on climate, BlackRock could go so far as to vote against their re-election.