Exxon Investors Drop Activist Resolution on Carbon Risks

Activist investors agreed to withdraw a resolution to be voted on at Exxon Mobil Corp.’s annual shareholders’ meeting calling on the world’s largest oil company to disclose its exposure to stricter climate-change laws.

Arjuna Capital, a unit of closely-held Baldwin Brothers Inc., and environmental activist group As You Sow said today they dropped the resolution after Exxon agreed to provide shareholders with details on oilfields and other assets that may become obsolete as governments around the world restrict carbon emissions.

Scott Silvestri, a spokesman at Irving, Texas-based Exxon, declined to comment.

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