- Exxon Mobil (XOM +0.9%) is being dropped by the U.K.’s biggest asset manager, which also says it plans to vote against the reappointment of Chairman/CEO Darren Woods for failing to adequately address the threats posed by climate change.
- XOM is the only oil major Legal & General is divesting, as competitors including Chevron (NYSE:CVX) and Royal Dutch Shell (NYSE:RDS.A) meet or exceed the insurer’s basic standards on climate change action.
- The divestment affects a small part of XOM’s equity – Legal & General owns just 0.6% of the company, and the divesting funds hold just part of that -but it could increase pressure on the oil giant.
The more investors who apply pressure with their capital to further climate change considerations the better! Carry on!