Rhode Island’s treasury, which manages the state’s pension plan, petitioned ExxonMobil Corp., Chevron Corp., ConocoPhillips Co., and Devon Energy Corp. during the 2017 shareholder season to disclose information to shareholders on the companies’ lobbying efforts and financial outlays, especially on the state level, RI Gen. Treasurer Seth Magaziner (D) said.
“Rhode Island was among 62% of ExxonMobil shareholders who voted in favor of a proposal requesting the board of directors provide a detailed analysis of the risks to the company from climate change,” he said in an Aug. 17 overview of his office’s activities on behalf the Ocean State’s pension plan participants.
The state’s treasury also voted against management-proposed slates of directors at 199 publicly traded companies due to lack of independence, expertise, or diversity, according to the overview. This included Continental Resources Inc. and Nu Star Energy Corp., where no women or minorities were directors, it said.
“For the first time in the state’s history, Treasurer Magaziner filed and co-filed shareholder proposals with companies in our investment portfolio, asking them to implement more sustainable business practices and improve disclosure to shareholders,” the overview said.
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