A couple of crosscurrents are occurring within the oil industry. While many corporate boards are defeating efforts by activists to disclose more and more climate risks, most are already taking bold action to curtail their CO2 emissions.
The broader question is whether large institutional investors and shareholder activists are increasing value by demanding more transparency. One school of thought concludes that as long as they are in tune with their fiduciary roles, they have a right to pursue societal objectives. For companies to profit over the long-term, they must, therefore, act not just in the interest of their stockholders but also for the benefit of the communities where they reside.
