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

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Disney announces partnership and documentary series with Colin Kaepernick

Photo: Carmen Mandato/Getty Images.

The Walt Disney Company announced Monday that ESPN Films will produce an exclusive docuseries on political activist and former NFL player Colin Kaepernick as part of a larger deal with Kaepernick’s production arm RA Vision Media.

Driving the news: Former ESPN personality Jemele Hill tweeted that she'll be serving as a producer on the docuseries, after leaving the network two years ago following a dramatic falling out in 2018. At the time, Hill's outspoken tweets about President Trump put the network in the crosshairs of a polarizing debate over race and politics.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Global: Total confirmed cases as of 12 p.m. ET: 11,495,412 — Total deaths: 535,185 — Total recoveries — 6,217,763Map.
  2. U.S.: Total confirmed cases as of 12 p.m. ET: 2,897,613 — Total deaths: 129,953 — Total recoveries: 906,763 — Total tested: 35,512,916Map.
  3. Public health: Case growth outpacing testing in hotspots — Medical community urges public to wear masks.
  4. States: Texas hospitals in danger of being overwhelmed amid surge.
  5. Politics: Meadows says Trump "is right" to claim 99% of coronavirus cases are "harmless."

Court orders temporary shutdown of Dakota Access Pipeline

Protesters against the Dakota Access Pipeline in San Francisco in 2017. Photo: Joel Angel Juarez/Anadolu Agency/Getty Images

A federal judge ordered Monday the shutdown of the Dakota Access Pipeline — a project at the heart of battles over oil-and-gas infrastructure — while the U.S. Army Corps of Engineers conducts a new environmental analysis.

Why it matters: The latest twist in the years-long fight over the pipeline is a defeat for the White House agenda of advancing fossil fuel projects and a win for Native Americans and environmentalists who oppose the project