Occidental Petroleum Corp (OXY)

[eFinanceMarkets]

Occidental shareholders vote in climate evaluation proposal

Over management opposition, shareholders of Occidental Petroleum (NYSE:OXY) have voted for the company to assess long-term impacts of climate change on its business -- a first for oil/gas majors.

The proposal requires an annaul report starting next year with environmental scenario planning, including what risks the company might shoulder in the face of government efforts to limit global warming.

“It’s hugely significant,” says Laura Campos of the Nathan Cummings Foundation, which led the proposal with the support of Wespath Investment Management as well as BlackRock. “It’s the first, but it’s not going to be the last," she tells The Wall Street Journal.