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Oil CEOs Pay Tied to ESG Goals Needs SEC Probe, Warren Says (1)

Dec. 15, 2021, 11:38 PM

Fossil fuel companies should face probes on whether they’re using “loophole-ridden” environmental, social and governance goals to boost executive pay while contributing to environmental destruction, Senator Elizabeth Warren said, adding to her calls to rein in CEO compensation.

Marathon Petroleum Corp., Chevron Corp. and Occidental Petroleum Corp. and others appear to be using “easily-manipulated metrics” to guarantee higher payouts for executives, Warren said, citing reporting by the Washington Post.

“These corporations are just a small sample of the companies using ESG metrics to reward their top executives without meeting the commitments that they appear to be making to investors ...