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Greening Exxon Will Have To Wait

The results are in, and the shareholder effort to push Exxon in a more environmentally friendly direction has come up short, winning 40 percent of the vote:

Exxon Mobil’s chairman and chief executive, Rex W. Tillerson, defeated a shareholder effort on Wednesday to take away one of his jobs at an annual meeting punctuated by a debate of the company’s policy toward renewable energy and global warming.

The vote was nonbinding and would not have guaranteed a change in company policies had it passed. But by defeating the challenge, which was supported this year by many members of the Rockefeller family, Mr. Tillerson avoided a serious rebuke to his authority to run the world’s largest independent oil company.

I wonder if this means the majority of Exxon shareholders don't think a carbon-pricing scheme is on the horizon anytime soon. Exxon shares are up slightly on the news.

--Josh Patashnik