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Matthew Brown / AP

ExxonMobil Corp. shareholders voted 62.3% on Wednesday to start disclosing the financial risk associated with climate change policies, up from a 38% tally last year. The chairman and CEO said the board will now reconsider the matter, and the Union of Concerned Scientists' Kathy Mulvey, who attended the shareholder meeting as a proxy for investors, tells Axios the board is likely to take action in a matter of months.

Why it matters: This a defeat for the board, which said just before the vote it is sharing enough information about the risks climate change policies pose to its business already, that it has "adequately assessed the future impact of policy developments," and that it is investing in technologies that address the challenge. If the board chooses to defy a majority of its shareholders on this matter, the shareholders could invest elsewhere or choose to vote unfavorably on board members or their compensation, Mulvey says.

The trend: Occidental Petroleum and PPL approved similar resolutions earlier this month. BP, Total, ConocoPhillips, and Royal Dutch Shell have endorsed analyzing a 2 degree Celsius target in climate change commitments.

Next up: Trump is preparing to pull the U.S. from the Paris climate accord, a decision Exxon opposes.

Go deeper

5 hours ago - Politics & Policy

Rahm Emanuel floated for Transportation secretary

Rahm Emanuel. Photo: Joshua Lott for The Washington Post via Getty Images

President-elect Biden is strongly considering Rahm Emanuel to run the Department of Transportation, weighing the former Chicago mayor’s experience on infrastructure spending against concerns from progressives over his policing record.

Why it matters: The DOT could effectively become the new Commerce Department, as infrastructure spending, smart cities construction and the rollout of drone-delivery programs take on increasing economic weight.

5 hours ago - Politics & Policy

Biden turns to experienced hands for White House economic team

Illustration: Sarah Grillo/Axios

Joe Biden plans to announce Cecilia Rouse and Brian Deese as part of his economic team and Neera Tanden to head the Office of Management and Budget, sources tell Axios.

Why it matters: These are experienced hands. Unveiling a diverse group of advisers also may draw attention away from a selection of Deese to run the National Economic Council. Some progressives have criticized his work at BlackRock, the world's largest asset management firm.

Biden taps former Obama communications director for press secretary

Photo: Mark Makela/Getty Images

Jen Psaki, who previously served as Obama's communications director, will serve as President-elect Joe Biden's press secretary, the transition team announced Sunday.

The big picture: All of the top aides in Biden's communication staff will be women, per the Washington Post, which first reported Psaki's appointment.

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