Markets Magazine
The Church of England Takes on Climate Change—and Generates a 17 Percent Return
The low-key $10 billion fund that finances missions, cathedral costs and clergy pensions was instrumental in passing Exxon shareholder resolution.
How Rising Temperatures Can Fry the Economy
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President Donald Trump may have quit the Paris climate accord, but shareholders aren’t going to let carbon-producing U.S. companies off the hook. Witness the investor victory over Exxon Mobil Corp. management on May 31, a day before the Trump decision.
Over the Exxon board’s objections, almost two-thirds of shareholders voted for a proposal asking the company to provide a detailed report on how curbing climate change could affect its business. Leading the charge was the giant New York State Common Retirement Fund, which manages $192 billion and is a veteran activist. Its partner was a far smaller and lower-profile newcomer taking one of its first public stands in the U.S.: the Church of England.