Climate change poses material financial risks, and increasing numbers of investors are calling on the companies they own to perform 2 Degree Scenario Analysis (2DS) to demonstrate portfolio resilience. 

During the 2017 proxy season, shareholder resolutions filed at fifteen oil & gas and electric utility companies garnered some of the highest votes on climate risk at U.S. companies. 

Significantly, three resolutions passed by majority vote — at ExxonMobil, Occidental Petroleum and PPL. A string of historically high votes occurred at numerous other companies, further amplifying investor calls for enhanced climate disclosures.

Global consensus continues to build around the use of 2 Degree Scenario Analysis as a key management tool for navigating the energy transition. The case is even stronger now that scenario analysis has been endorsed by the Financial Stability Board’s Task Force for Climate-related Financial Disclosures (TCFD) as one of the cornerstones of decision-useful climate disclosure.

Resolutions were filed at the following fossil fuel companies:

ExxonMobil
AES Corporation
Ameren
Devon Energy
Dominion Energy
DTE Energy
Duke Energy
First Energy
Hess
Kinder Morgan
Marathon Petroleum
Noble Energy
Occidental Petroleum
PPL
Southern Company

Final vote percentages, as well as the full list of investors who pre-declared their support for the proposals can be viewed below. Co-filers for select companies are denoted in bold.

Resolution text for each company can be viewed via the Ceres Shareholder Resolution Tracker. For more information on these and other engagements relating to 2DS proposals, please contact Laura Devenney. More information on the 2018 proxy season will be available soon.

 

ExxonMobil

 

Annual Meeting: May 31  | Votes in favor: PASSED - 62.3%
Aberdeen Asset Management
Academy of Our Lady of Lourdes, Rochester, Minnesota
Adrian Dominican Sisters Portfolio Advisory Board
Aegon
American Baptist Home Mission Society
Amundi
APG
Ascension Investment Management
Aviva Investors
AXA Investment Managers
Bailard, Inc
Benedictine Sisters of Baltimore, Emmanual Monastery
Benedictine Sisters, Sacred Heart Monastery
BMO Global Asset Management
BNP Paribas Investment Management
California State Teachers’ Retirement System
CalPERS
Canada Pension Plan Investment Board
Carol Master
Christian Brothers Investment Services
Church Commissioners for England
Congregation des Soeurs des Saints Noms de Jesus et de Marie
Congregation of Benedictine Sisters, Boerne TX
Congregation of Divine Providence, San Antonio, TX
Congregation of St. Joseph
Connecticut Retirement Plans and Trust Fund
Dana Investment Advisors
Daughters of Charity, Province of St. Louise
Dignity Health
Dominican Sisters of Hope
Dominican Sisters of San Rafael, CA (Congregation of the Most Holy Name)
Dominican Sisters of Springfield, IL
Ethos Foundation
Florida State Board of Administration
Fonds de Solidarité des Travailleurs du Québec
Franciscan Sisters of Perpetual Adoration
Glenmary Home Missioners
Greater Manchester Pension Fund
Hermes EOS
HSBC Global Asset Management
Inflection Point Capital Management UK Ltd.
KBI Global Investors
Legal & General Investment Management
Macroclimate LLC
Maryknoll Sisters of St. Dominic
Mercy Health
Mercy Investment Services
MN
Nancy Kopp, Maryland State Treasurer
Natixis Asset Management
Needmor Fund
New York City Pension Funds
New York State Common Retirement Fund
Nordea Asset Management
Northwest Women Religious Investment Trust
Ontario Teachers’ Pension Plan
Presbyterian Church (USA)
Providence Trust
Province of St. Joseph of the Capuchin Order
Proxy Impact (proxy voting service)
Rockefeller & Co.
Safiya Bonaventura
School Sisters of Notre Dame Cooperative Investment Fund
Schroders
Seattle City Employees' Retirement System
Seventh Generation Interfaith CRI
Sinsinawa Dominicans - Peace and Justice
Sisters of Saint Joseph of Chestnut Hill, Philadelphia
Sisters of St. Dominic of Caldwell, NJ
Sisters of St. Francis of Philadelphia
Sisters of St. Joseph of Orange
Sisters of the Humility of Mary, Inc.
Sisters of the Presentation of the BVM
Sonen Capital
South Yorkshire Pensions Authority
Strathclyde Pension Fund
Texas Teacher Retirement System
The McKnight Foundation
The Nathan Cummings Foundation
The Oneida Tribe of Indians Trust Fund for the Elderly
The Pension Boards-UCC, Inc.
TPT Retirement Solutions
Trinity Health
Trinity Wall Street
Unitarian Universalist Association
Ursuline Sisters of Tildonk, US Province
USA Jesuits
USA Midwest Jesuits
USS
Vermont Pension Investment Committee
Vermont State Treasurer Elizabeth Pearce
Walden Asset Management/Boston Trust
Wespath Benefits and Investments
Zevin Asset Management
 
 

AES Corporation

Annual Meeting: April 20  | Votes in favor: 40.1%
Adrian Dominican Sisters Portfolio Advisory Board
Aegon
Ascension Investment Management
AXA Investment Managers
CalPERS
Congregation of St. Joseph
Connecticut Retirement Plans and Trust Fund
First Affirmative Financial Network
HSBC Global Asset Management
Inflection Point Capital Management UK Ltd.
Macroclimate LLC
Mercy Health
Mercy Investment Services
Nancy Kopp, Maryland State Treasurer
New York City Pension Funds
New York State Common Retirement Fund
Province of St. Joseph of the Capuchin Order
Proxy Impact (proxy voting service)
Seattle City Employees' Retirement System
Seventh Generation Interfaith CRI
Sisters of Saint Joseph of Chestnut Hill, Philadelphia
Sisters of St. Dominic of Caldwell NJ
Sisters of the Humility of Mary, Inc.
Sonen Capital
The Nathan Cummings Foundation
The Pension Boards-UCC, Inc.
Unitarian Universalist Association
Vermont State Treasurer Elizabeth Pearce
Wespath Benefits and Investments
 
 

Ameren

Annual Meeting: April 27  | Votes in favor: 47.5%
Amundi
AXA Investment Managers
CalPERS
Congregation of St. Joseph
Connecticut Retirement Plans and Trust Fund
Daughters of Charity, Province of St. Louise
First Affirmative Financial Network
HSBC Global Asset Management
Inflection Point Capital Management UK Ltd.
Macroclimate LLC
Mercy Health
Mercy Investment Services
Nancy Kopp, Maryland State Treasurer
New York City Pension Funds
New York State Common Retirement Fund
Pax World Funds
Province of St. Joseph of the Capuchin Order
Proxy Impact (proxy voting service)
Seattle City Employees' Retirement System
Seventh Generation Interfaith CRI
Sisters of Saint Joseph of Chestnut Hill, Philadelphia
Sisters of St. Dominic of Caldwell NJ
Sisters of the Humility of Mary, Inc.
Sonen Capital
The McKnight Foundation
The Nathan Cummings Foundation
The Pension Boards-UCC, Inc.
Unitarian Universalist Association
Vermont State Treasurer Elizabeth Pearce
Wespath Benefits and Investments
 
 

Devon Energy

Annual Meeting: June 7  | Votes in favor: 41.4%
Adrian Dominican Sisters Portfolio Advisory Board
Aegon
Ascension Investment Management
AXA Investment Managers
CalPERS
Congregation of St. Joseph
Connecticut Retirement Plans and Trust Fund
First Affirmative Financial Network
George Gund Foundation
Hermes EOS on behalf of its clients
HSBC Global Asset Management
Inflection Point Capital Management UK Ltd.
Macroclimate LLC
Maryknoll Sisters of St. Dominic
Mercy Health
Mercy Investment Services
Nancy Kopp, Maryland State Treasurer
NEI Investments
New York City Pension Funds
New York State Common Retirement Fund
Province of St. Joseph of the Capuchin Order
Proxy Impact (proxy voting service)
Seattle City Employees' Retirement System
Seventh Generation Interfaith CRI
Sisters of Saint Joseph of Chestnut Hill, Philadelphia
Sisters of St. Dominic of Caldwell NJ
Sisters of the Humility of Mary, Inc.
Sisters of the Presentation of the BVM
Sonen Capital
The McKnight Foundation
The Nathan Cummings Foundation
The Pension Boards-UCC, Inc.
Unitarian Universalist Association
Vermont State Treasurer Elizabeth Pearce
Wespath Benefits and Investments
 
 

Dominion Energy

Annual Meeting: May 10  | Votes in favor: 47.8%
Aegon
Amundi
Ascension Investment Management
AXA Investment Managers
CalPERS
Connecticut Retirement Plans and Trust Fund
First Affirmative Financial Network
HSBC Global Asset Management
Inflection Point Capital Management UK Ltd.
Macroclimate LLC
Mercy Health
Mercy Investment Services
Nancy Kopp, Maryland State Treasurer
New York City Pension Funds
New York State Common Retirement Fund
Province of St. Joseph of the Capuchin Order
Proxy Impact (proxy voting service)
Seattle City Employees' Retirement System
Seventh Generation Interfaith CRI
Sisters of Saint Joseph of Chestnut Hill, Philadelphia
Sisters of St. Dominic of Caldwell NJ
Sisters of the Humility of Mary, Inc.
Sonen Capital
The McKnight Foundation
The Nathan Cummings Foundation
The Pension Boards-UCC, Inc.
Unitarian Universalist Association
Vermont Pension Investment Committee
Vermont State Treasurer Elizabeth Pearce
Wespath Benefits and Investments
 
 

DTE Energy

 Annual Meeting: May 4  | Votes in favor: 45%
Aegon
Amundi
AXA Investment Managers
CalPERS
Congregation of St. Joseph
Connecticut Retirement Plans and Trust Fund
First Affirmative Financial Network
HSBC Global Asset Management
Inflection Point Capital Management UK Ltd.
Macroclimate LLC
Mercy Health
Mercy Investment Services
Nancy Kopp, Maryland State Treasurer
New York City Pension Funds
New York State Common Retirement Fund
Province of St. Joseph of the Capuchin Order
Proxy Impact (proxy voting service)
Seattle City Employees' Retirement System
Seventh Generation Interfaith CRI
Sisters of Saint Joseph of Chestnut Hill, Philadelphia
Sisters of St. Dominic of Caldwell NJ
Sisters of the Humility of Mary, Inc.
Sisters of the Presentation of the BVM
Sonen Capital
The Nathan Cummings Foundation
The Pension Boards-UCC, Inc.
Unitarian Universalist Association
Vermont State Treasurer Elizabeth Pearce
Wespath Benefits and Investments
 
 

Duke Energy

Annual Meeting: May 4  | Votes in favor: 46.4%
Aegon
Amundi
Ascension Investment Management
AXA Investment Managers
CalPERS
Connecticut Retirement Plans and Trust Fund
Daughters of Charity, Province of St. Louise
Dignity Health
First Affirmative Financial Network
HSBC Global Asset Management
Inflection Point Capital Management UK Ltd.
Macroclimate LLC
Mercy Health
Mercy Investment Services
Nancy Kopp, Maryland State Treasurer
New York City Pension Funds
New York State Common Retirement Fund
Pax World Funds
Province of St. Joseph of the Capuchin Order
Proxy Impact (proxy voting service)
Seattle City Employees' Retirement System
Seventh Generation Interfaith CRI
Sisters of Saint Joseph of Chestnut Hill, Philadelphia
Sisters of St. Dominic of Caldwell NJ
Sisters of St. Francis of Philadelphia
Sisters of St. Joseph, Brentwood
Sisters of the Humility of Mary, Inc.
Sonen Capital
The McKnight Foundation
The Nathan Cummings Foundation
The Pension Boards-UCC, Inc.
Unitarian Universalist Association
Vermont State Treasurer Elizabeth Pearce
Wespath Benefits and Investments
 
 

First Energy

Annual Meeting: May 16  | Votes in favor: 43.4%
Adrian Dominican Sisters Portfolio Advisory Board
Amundi
As You Sow
Ascension Investment Management
AXA Investment Managers
CalPERS
Congregation of St. Joseph
Connecticut Retirement Plans and Trust Fund
George Gund Foundation
HSBC Global Asset Management
Inflection Point Capital Management UK Ltd.
Macroclimate LLC
Mercy Health
Mercy Investment Services
Nancy Kopp, Maryland State Treasurer
New York City Pension Funds
New York State Common Retirement Fund
Province of St. Joseph of the Capuchin Order
Proxy Impact (proxy voting service)
Seattle City Employees' Retirement System
Seventh Generation Interfaith CRI
Sisters of Saint Joseph of Chestnut Hill, Philadelphia
Sisters of St. Dominic of Caldwell NJ
Sisters of the Humility of Mary, Inc.
Sisters of the Presentation of the BVM
Sonen Capital
The Nathan Cummings Foundation
The Pension Boards-UCC, Inc.
Unitarian Universalist Association
Vermont State Treasurer Elizabeth Pearce
Wespath Benefits and Investments
 
 

Hess

Annual Meeting: June 7  | Votes in favor: 30.1%
Adrian Dominican Sisters Portfolio Advisory Board
Aegon
As You Sow
Ascension Investment Management
AXA Investment Managers
CalPERS
Congregation of St. Joseph
Connecticut Retirement Plans and Trust Fund
First Affirmative Financial Network
George Gund Foundation
Hermes EOS on behalf of its clients
HSBC Global Asset Management
Inflection Point Capital Management UK Ltd.
Macroclimate LLC
Maryknoll Sisters of St. Dominic
Mercy Health
Mercy Investment Services
Nancy Kopp, Maryland State Treasurer
NEI Investments
New York City Pension Funds
New York State Common Retirement Fund
Province of St. Joseph of the Capuchin Order
Proxy Impact (proxy voting service)
Seattle City Employees' Retirement System
Seventh Generation Interfaith CRI
Sisters of Saint Joseph of Chestnut Hill, Philadelphia
Sisters of St. Dominic of Caldwell NJ
Sisters of the Humility of Mary, Inc.
Sisters of the Presentation of the BVM
Sonen Capital
The Nathan Cummings Foundation
The Pension Boards-UCC, Inc.
Trillium Asset Management, LLC
Unitarian Universalist Association
Vermont State Treasurer Elizabeth Pearce
Wespath Benefits and Investments
 
 

Kinder Morgan

Annual Meeting: May 10  | Votes in favor: 38.2%
Adrian Dominican Sisters Portfolio Advisory Board
Aegon
Amundi
Ascension Investment Management
AXA Investment Managers
CalPERS
Congregation of St. Joseph
Connecticut Retirement Plans and Trust Fund
First Affirmative Financial Network
HSBC Global Asset Management
Inflection Point Capital Management UK Ltd.
Macroclimate LLC
Mercy Health
Mercy Investment Services
Nancy Kopp, Maryland State Treasurer
New York City Pension Funds
New York State Common Retirement Fund
Province of St. Joseph of the Capuchin Order
Proxy Impact (proxy voting service)
Seattle City Employees' Retirement System
Seventh Generation Interfaith CRI
Sisters of Saint Joseph of Chestnut Hill, Philadelphia
Sisters of St. Dominic of Caldwell NJ
Sisters of the Humility of Mary, Inc.
Sonen Capital
The McKnight Foundation
The Nathan Cummings Foundation
The Pension Boards-UCC, Inc.
Unitarian Universalist Association
Vermont State Treasurer Elizabeth Pearce
Wespath Benefits and Investments
Zevin Asset Management
 
 

Marathon Petroleum

Annual Meeting: April 26  | Votes in favor: 40.9%
Aegon
Amundi
Ascension Investment Management
AXA Investment Managers
CalPERS
Congregation of St. Joseph
Connecticut Retirement Plans and Trust Fund
Dignity Health
HSBC Global Asset Management
Inflection Point Capital Management UK Ltd.
Macroclimate LLC
Mercy Health
Mercy Investment Services
Nancy Kopp, Maryland State Treasurer
NEI Investments
New York City Pension Funds
New York State Common Retirement Fund
Province of St. Joseph of the Capuchin Order
Proxy Impact (proxy voting service)
Seattle City Employees' Retirement System
Seventh Generation Interfaith CRI
Sisters of Saint Joseph of Chestnut Hill, Philadelphia
Sisters of St. Dominic of Caldwell NJ
Sisters of St. Francis of Philadelphia
Sisters of the Humility of Mary, Inc.
Sonen Capital
The McKnight Foundation
The Nathan Cummings Foundation
The Pension Boards-UCC, Inc.
Trillium Asset Management, LLC
Trinity Health
Unitarian Universalist Association
Vermont Pension Investment Committee
Vermont State Treasurer Elizabeth Pearce
Wespath Benefits and Investments
 
 

Noble Energy

Annual Meeting: April 25  | Votes in favor: 24%
Adrian Dominican Sisters Portfolio Advisory Board
Aegon
Amundi
Ascension Investment Management
AXA Investment Managers
CalPERS
Congregation of St. Joseph
Connecticut Retirement Plans and Trust Fund
Dignity Health
First Affirmative Financial Network
HSBC Global Asset Management
Inflection Point Capital Management UK Ltd.
Macroclimate LLC
Mercy Health
Mercy Investment Services
Nancy Kopp, Maryland State Treasurer
New York City Pension Funds
New York State Common Retirement Fund
Presbyterian Church (USA)
Province of St. Joseph of the Capuchin Order
Proxy Impact (proxy voting service)
Seattle City Employees' Retirement System
Seventh Generation Interfaith CRI
Sisters of Saint Joseph of Chestnut Hill, Philadelphia
Sisters of St. Dominic of Caldwell NJ
Sisters of the Humility of Mary, Inc.
Sonen Capital
The McKnight Foundation
The Nathan Cummings Foundation
The Pension Boards-UCC, Inc.
Trinity Wall Street
Unitarian Universalist Association
Vermont State Treasurer Elizabeth Pearce
Wespath Benefits and Investments
 
 

Occidental Petroleum

Annual Meeting: May 12  | Votes in favor: PASSED - 67.3%
Adrian Dominican Sisters Portfolio Advisory Board
Aegon
Amundi
Ascension Investment Management
AXA Investment Managers
CalPERS
Congregation of St. Joseph
Connecticut Retirement Plans and Trust Fund
First Affirmative Financial Network
HSBC Global Asset Management
Inflection Point Capital Management UK Ltd.
Macroclimate LLC
Mercy Health
Mercy Investment Services
Nancy Kopp, Maryland State Treasurer
NEI Investments
New York City Pension Funds
New York State Common Retirement Fund
Pax World Funds
Province of St. Joseph of the Capuchin Order
Proxy Impact (proxy voting service)
Seattle City Employees' Retirement System
Seventh Generation Interfaith CRI
Sinsinawa Dominicans - Peace and Justice
Sisters of Saint Joseph of Chestnut Hill, Philadelphia
Sisters of St. Dominic of Caldwell NJ
Sisters of the Humility of Mary, Inc.
Sonen Capital
The McKnight Foundation
The Nathan Cummings Foundation
The Pension Boards-UCC, Inc.
Unitarian Universalist Association
Vermont State Treasurer Elizabeth Pearce
Wespath Benefits and Investments
 
 

PPL

Annual Meeting: May 17  | Votes in favor: PASSED - 56.8%
Aegon
Ascension Investment Management
AXA Investment Managers
CalPERS
Connecticut Retirement Plans and Trust Fund
Dignity Health
HSBC Global Asset Management
Inflection Point Capital Management UK Ltd.
Macroclimate LLC
Mercy Health
Mercy Investment Services
Nancy Kopp, Maryland State Treasurer
New York City Pension Funds
New York State Common Retirement Fund
Province of St. Joseph of the Capuchin Order
Proxy Impact (proxy voting service)
Seattle City Employees' Retirement System
Seventh Generation Interfaith CRI
Sisters of Saint Joseph of Chestnut Hill, Philadelphia
Sisters of St. Dominic of Caldwell NJ
Sisters of the Humility of Mary, Inc.
Sisters of the Presentation of the BVM
Sonen Capital
The Nathan Cummings Foundation
The Pension Boards-UCC, Inc.
Unitarian Universalist Association
Vermont State Treasurer Elizabeth Pearce
Wespath Benefits and Investments
Zevin Asset Management
 
 

Southern Company

Annual Meeting: May 24  | Votes in favor: 45.7%
Aegon
American Baptist Home Mission Society
Amundi
Ascension Investment Management
AXA Investment Managers
CalPERS
Congregation of St. Joseph
Connecticut Retirement Plans and Trust Fund
Dignity Health
Ethos Foundation
Hermes EOS on behalf of its clients
Hexavest
HSBC Global Asset Management
Inflection Point Capital Management UK Ltd.
Macroclimate LLC
Maryknoll Sisters of St. Dominic
Mercy Health
Mercy Investment Services
Nancy Kopp, Maryland State Treasurer
New York City Pension Funds
New York State Common Retirement Fund
Province of St. Joseph of the Capuchin Order
Proxy Impact (proxy voting service)
Seattle City Employees' Retirement System
Seventh Generation Interfaith CRI
Sinsinawa Dominicans - Peace and Justice
Sisters of Saint Joseph of Chestnut Hill, Philadelphia
Sisters of St. Dominic of Caldwell NJ
Sisters of St. Francis of Philadelphia
Sisters of the Humility of Mary, Inc.
Sonen Capital
The McKnight Foundation
The Nathan Cummings Foundation
The Pension Boards-UCC, Inc.
Trinity Health
Unitarian Universalist Association
USS
Vermont Pension Investment Committee
Vermont State Treasurer Elizabeth Pearce
Wespath Benefits and Investments
 
Disclaimer:
THIS IS NOT A REQUEST FOR A SOLICITATION OF PROXIES. THIS IS SOLELY A REQUEST FOR A SHOW OF SUPPORT BY PUBLICLY DECLARING YOUR INTENTION TO VOTE IN FAVOR OF THE REFERENCED PROPOSALS ON THE MANAGEMENT’S PROXIES.
THIS DECLARATION CONSTITUTES A COMMUNICATION BY A SECURITY HOLDER STATING HOW THE SECURITY HOLDER INTENDS TO VOTE WHICH IS BEING MADE BY MEANS OF PRESS RELEASES, PUBLISHED OR BROADCAST OPINIONS, STATEMENTS, OR ADVERTISEMENTS APPEARING IN BROADCAST MEDIA, NEWSPAPER, MAGAZINE OR OTHER BONA FIDE PUBLICATION DISSEMINATED ON A REGULAR BASIS, PURSUANT TO 17 C.F.R. 240.14a-(1)(l)(2)(iv).