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concerns that some fossil fuels will have to stay in the ground if the goals set forth in<br />

Paris are achieved.<br />

ConocoPhillips and Statoil ASA have issued projections that global oil demand could fall<br />

significantly by 2040 if measures to reduce climate risk are put in place. By contrast,<br />

Exxon's projection for global oil demand in that year is 28% higher than peers' forecasts.<br />

"There's an awful lot of shareholder disquiet about how Exxon is approaching climate<br />

change/' said Edward Mason, head of responsible investment for the Church<br />

Commissioners for England, which manages the assets of the Church of England.<br />

At the Exxon annual meeting, shareholders did approve one shareholder proposal,<br />

giving investors greater power to propose director candidates. None of eight proposed<br />

shareholder measures passed at Chevron's meeting.<br />

—Amy Harder contributed to this article.<br />

Write to Bradley Olson at Bradley.Olson@wsj.com and Nicole Friedman at<br />

nicole.friedman@wsj.com<br />

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App. 648

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