The Globe and Mail reports in its Monday, May 15, edition that investors at Imperial Oil, Enbridge and Suncor Energy have rejected shareholder proposals on climate issues this spring, but the activists who pushed them are heartened by the support they did receive. The Globe's Jeffrey Jones and David Milstead write that results of the shareholder votes show momentum growing in the push for improved climate-related disclosure and better explanations of how energy companies are positioning themselves for the transition to a lower-carbon economy. With some of the resolutions, shareholders voted nearly 20 per cent against management. In one case -- a proposal at Enbridge to disclose downstream Scope 3 emissions -- nearly a quarter voted for the proposal. At Imperial Oil, where majority owner ExxonMobil holds 70 per cent of the shares, two green proposals were both handily shut down. A proposal requesting Enbridge annually disclose all of its Scope 3 emissions -- those that stem from the burning of the fossil fuels its pipelines transport -- received 24.4 per cent of the vote. Climate-related resolutions are now becoming more commonplace, as climate-conscious shareholders are getting more savvy.
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