The federal Securities and Exchange Commission has granted ExxonMobil’s request to throw out a shareholder-pushed resolution urging the oil giant to disclose targets that would drastically reduce its greenhouse gas emissions.

Why it matters: The investment community is becoming an alternative battleground between publicly traded companies and climate change as U.S. government policy on the matter retreats under President Trump. Activist investors, including those that filed this resolution with Exxon, are worried about what they characterize as the SEC ramping up their scrutiny of resolutions under Trump.

Where it stands:

  • The non-binding, but symbolically significant resolution, filed by the New York public pension fund and Church of England’s endowment, called for disclosure of short-, medium- and long-term targets for reducing greenhouse gas emissions from company operations and products that are in line with the 2015 Paris climate agreement.
  • The SEC, which governs this process known as “shareholder democracy,” said in a letter Tuesday to Exxon and obtained by Axios that such a resolution would result in micromanaging the company.
  • The proposal seeks “to impose specific methods for implementing complex policies in place of the ongoing judgments of management as overseen by its board of directors,” the SEC wrote.

Read the letter:

For the record: An Exxon spokesman declined to comment. Thomas DiNapoli, who as New York Comptroller manages NY’s pension fund, says he will keep pushing Exxon. “Contrary to the SEC Staff’s determination, investors’ efforts to engage on climate risk concerns do not micromanage Exxon,” DiNapoli said. "We are asking the company to disclose its plans to address a long-term threat to its business.”

Go deeper: Investors ramp up pressure on Exxon over climate change

Go deeper

Updated 36 mins ago - Science

Texas and Louisiana face fresh flood threat from Tropical Storm Beta

Tropical Storm Beta slowly approaching the Texas coast on Monday. Photo: National Weather Service/Twitter

Tropical Storm Beta was dumping heavy rains over Texas as it churned its way inland overnight, bringing the risk of "life-threatening storm surge" and flooding to parts of the state and Louisiana, the National Hurricane Center said.

What's happening: The slow-moving storm was causing coastal flooding along areas including the bays near Houston and Galveston in Texas Monday, per the National Weather Service. Texas Gov. Greg Abbott (R) made a disaster declaration and Louisiana Gov. John Bel Edwards (D) declared a state of emergency Monday.

Updated 59 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 3 a.m. ET: 31,328,238 — Total deaths: 964,839— Total recoveries: 21,503,496Map.
  2. U.S.: Total confirmed cases as of 3 a.m. ET: 6,857,967 — Total deaths: 199,884 — Total recoveries: 2,615,949 — Total tests: 95,841,281Map.
  3. Health: CDC says it mistakenly published guidance about COVID-19 spreading through air.
  4. Media: Conservative blogger who spread COVID-19 misinformation worked for Fauci's agency.
  5. Politics: House Democrats file legislation to fund government through Dec. 11.
  6. World: U.K. upgrades COVID alert level as Europe sees worrying rise in infections — "The Wake-Up Call" warns the West about the consequences of mishandling a pandemic.

Louisville police declare state of emergency as Breonna Taylor decision looms

A demonstrator holds up a sign of Breonna Taylor during a protest in Louisville, Kentucky. Photo: Brandon Bell/Getty Images

The Louisville police chief declared in a memo obtained by news outlets a "state of emergency" for the department on Monday to prepare for Kentucky Attorney General Daniel Cameron's expected announcement on the Breonna Taylor case.

Of note: Louisville has witnessed more than 115 days of protests over the police killing of Taylor, an unarmed Black woman, with calls for all the officers involved to be charged.

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