Marathon Petroleum Corporation, the largest independent oil refiner in the U.S., is set to respond in a matter of weeks to a shareholder proposal and issue a potentially first-ever report on how to safeguard workers’ interests amid the energy transition. The report comes following concerns the energy sector may cut wages and jobs as companies move away from fossil fuels to avert climate change.
At Marathon, investors now say they are concerned that the report, which may be compiled in a matter of weeks, could be thin on concrete action points.
The tug-of-war over the proposal offers a glimpse of what many boards may face in the coming years as fossil fuel companies ramp up plans to green their businesses. Others may face similar stakeholder concerns over businesses’ adoption of artificial intelligence tools as workforce demands shift.
The resolution was filed by the International Brotherhood of Teamsters. Read more here, https://rb.gy/zaiw6o.