In May 2014, Everence moved two shareholder resolutions at the Marathon Petroleum Corporation (MPC) annual meeting – the first asking the company to adopt a greenhouse gas reduction plan, and the second requesting full disclosure of lobbying and other political expenditures.
Marathon Petroleum Corporation is an oil refining, marketing and pipeline transport company headquartered in Findlay, Ohio. Everence and other investors have participated in dialogue with Marathon for the last year, holding multiple conversations to discuss the company’s policies related to climate change.
By setting targets to reduce greenhouse gas emissions, Marathon Petroleum Corporation will be better positioned to mitigate its climate change risks. And, full disclosure of the company’s lobbying activities is helpful in assessing whether these activities are consistent with Marathon’s expressed climate change goals – and is in the best interests of shareholders and long-term value.
Both resolutions fared well and received strong shareholder support at the Marathon annual meeting, earning 36 percent and 48 percent of the vote, respectively. Buoyed by the high supporting votes, Everence – along with Trillium Asset Management and Sisters of Mercy Investment Services – will continue its efforts to press Marathon Petroleum Corporation on climate change.