CONGRESSMAN LIEU STATEMENT ON THE FAILED EXXONMOBIL SHAREHOLDER VOTE ON CLIMATE RESOLUTIONS

May 25, 2016
Press Release

FOR IMMEDIATE RELEASE

WASHINGTON - Today, Representative Ted W. Lieu (D | Los Angeles County) issued the following statement following the failed ExxonMobil shareholder vote on climate resolutions.

“Today, the signature resolution championed by major pension funds to require ExxonMobil to assess climate change risks to its business model failed 61.8% to 38.2%.  The vote was not even close. This is not surprising given that in the past two decades over 60 climate change resolutions have been offered by shareholders and ExxonMobil has killed every single one of them.  Doing the same thing over and over again and expecting a different result is one definition of insanity.  It is time pension funds such as CalPERS accept reality and divest from ExxonMobil. 

Evidence has come to light alleging ExxonMobil knew about the science of climate change decades ago, yet embarked on a massive campaign of deception to spread confusion among the public.  ExxonMobil may have imperiled all of humanity, and the public’s investments should not be placed in a company that has obstructed climate action and lied to the American people. 

Pension funds such as CalPERS have argued that by engagement they can change ExxonMobil. If you still believe that, then I have a bridge in California I would like to sell you. CalPERS’ current position is not only factually false, it is morally bankrupt. Representative Mark DeSaulnier and I wrote a letter earlier this month asking CalPERS to divest. In light of ExxonMobil’s slap in the face, again, to CalPERS and those who want to #ActOnClimate, we reiterate our request. The time to divest is now.”

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