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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

Buffett eyes slow U.S. progress, but says "never bet against America"

Warren Buffett in New York City in 2017. Photo: Daniel Zuchnik/WireImage

Warren Buffett called progress in America "slow, uneven and often discouraging," but retained his long-term optimism in the country, in his closely watched annual shareholder letter released Saturday morning.

Why it matters: It breaks months of uncharacteristic silence from the 90-year-old billionaire Berkshire Hathaway CEO — as the fragile economy coped with the pandemic and the U.S. saw a contentious presidential election.

Restaurant software meets the pandemic moment

Illustration: Annelise Capossela/Axios

Food delivery companies have predictably done well during the pandemic. But restaurant software providers are also having a moment as eateries race to handle the avalanche of online orders resulting from severe in-person dining restrictions.

Driving the news: Olo filed last week for an IPO and Toast is rumored to be preparing to do the same very soon.

Bryan Walsh, author of Future
4 hours ago - Technology

How the automation economy can turn human workers into robots

Illustration: Sarah Grillo/Axios

More than outright destroying jobs, automation is changing employment in ways that will weigh on workers.

The big picture: Right now, we should be less worried about robots taking human jobs than people in low-skilled positions being forced to work like robots.

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