Exxon Mobil Corp. and Chevron Corp.'s unwillingness to venturebeyond their core oil and gas business will face a test Wednesdaywhen shareholders vote on climate change proposals at both oilcompanies' annual meetings.
The U.S. oil majors have typically enjoyed an easier ride frominvestors on environmental issues compared with their Europeanrivals. But pressure is building from some investment managers,especially after Royal Dutch Shell Plc and BP Plc made significantshifts to address investor concerns.
“I don't think they're doing nearly as much as the majors inEurope are,” said Brian Rice, a fund manager at the CaliforniaState Teachers' Retirement System, which manages about $230 billionincluding Exxon and Chevron shares. “Alternative energy—to methat's the future.”
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