EXECUTIVE SUMMARY
Net-zero commitments are starting to receive signatories, with USD 5.7 trillion and USD 37 trillion assets signed up to the Net Zero Asset Owners Alliance and Net Zero Asset Managers initiative, respectively.
Even optimistic targets show the world falling short of a 1.5°C scenario (see Exhibit 1). Scientific consensus suggests a 1.5°C pathway would require net-zero emissions by 2050, while 2°C pathways are closer to 2070-2080.
Absolute greenhouse gas (GHG) reduction (tracking a specified scenario) is aligned with meeting these goals, while relative GHG reduction (reduction to an underlying index) is better but not necessarily aligned.
The S&P PACT™ Indices (S&P Paris-Aligned & Climate Transition Indices) are designed to give investors confidence in following absolute decarbonization pathways.
Legal & General backs activist investor over Exxon climate concerns
L&G will back an activist investor at Exxon s shareholder meeting later this month, after it voiced concerns about the oil giant s environmental practices.
Legal & General, one of Exxon Mobil’s major investors, has said it will back an activist hedge fund at Exxon’s shareholder meeting later this month, after the fund raised climate-related concerns about Exxon’s practices.
US oil producer Exxon is battling hedge fund Engine No. 1 over four seats on its 12-member board and the direction of the company.
The hedge fund has criticised Exxon’s poor returns, spending on fossil fuels and lack of clear plans for the energy transition.
Investor Legal & General backs activist in Exxon proxy battle
By Jennifer Hiller
Reuters
HOUSTON (Reuters) - Britain s biggest asset manager, Legal & General, on Tuesday said it will vote for an activist hedge fund s board slate at Exxon Mobil s shareholder meeting later this month, fueling a pitched fight over the oil major s future.
Top U.S. oil producer Exxon is battling hedge fund Engine No. 1 over four seats on its 12-member board and the direction of the company. The fund has criticized Exxon s poor returns, spending on fossil fuels and lack of clear plans for the energy transition.
Legal & General Investment Management (LGIM) owns Exxon shares worth nearly $1 billion, according to Refinitiv data. It disclosed its voting plans in a blog on Tuesday. Exxon s annual shareholders meeting will be held on May 26.
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