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Climate Votes Fought by Major Oil Companies Get Key Backing

  • ISS recommendations hold sway among oil shareholders
  • Proxy vote comes as SEC weighs new climate disclosure rule
An oil storage tank at the Valero Energy Corp. oil refinery in Memphis, Tennessee.

An oil storage tank at the Valero Energy Corp. oil refinery in Memphis, Tennessee.

Photographer: Luke Sharrett/Bloomberg
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An investor-led push for major oil companies to set climate goals in line with the Paris agreement won support from a key proxy adviser for the first time, setting up a showdown at upcoming shareholder meetings.

Institutional Shareholder Services urged investors in Occidental Petroleum Corp. and refiner Valero Energy Corp. to back proposals to align the companies’ targets for cutting greenhouse gas emissions -- including those of their customers -- with the Paris accord, according to investor reports seen by Bloomberg.