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SEC Gets Tough Tough With Conoco, Occidental on Climate: FT (1)

March 21, 2021, 2:08 AM

The U.S. Securities and Exchange Commission has told ConocoPhillips and Occidental Petroleum to hold shareholder votes on new emissions targets, Financial Times reported, citing a letter the SEC sent to ConocoPhillips that the publication has seen.

The SEC denied requests from both companies to dismiss shareholder motions that would require them to discuss in detail their plans for cutting their “Scope 3” emissions. The two oil companies said the proposals looked to micromanage their operations but the SEC said it was “unable to concur” with this argument, the FT reported.

The regulator’s view is that the proposal does not ...