Exxon Confronts Nuns, Calpers Over Global Warming Plans, Boskin

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Exxon Confronts Nuns, Calpers Over Global Warming Plans, Boskin

Exxon Mobil Corp., the world's largest oil company, faces growing criticism from investors who say it's lagging behind competitors in addressing global warming.

The Sisters of Saint Dominic, a Roman Catholic order in New Jersey, want shareholders at today's annual meeting to approve a proposal for setting targets on greenhouse-gas reductions. The California Public Employees' Retirement System, the biggest U.S. public pension fund, seeks to oust Michael Boskin, the Exxon director who runs the board committee responsible for environmental issues.

...``Exxon's the industry laggard when it comes to climate change,'' said Laura Shaffer, manager of shareholder activities at the New York-based Nathan Cummings Foundation, which oversees $535 million.

``Given their market capitalization and their earnings, they shouldn't be lagging anybody on this issue.''

The foundation is part of an investor group that backs a proposal to force Exxon to boost spending on ethanol and other non-petroleum fuels.

Shareholders who attend the meeting at the Symphony Center in Dallas will also vote on a measure that seeks to rein in share buybacks, which have tripled in the past three years, in favor of a one-time dividend. Another would limit compensation for the company's top five executives, including Tillerson, to $500,000 a year.