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Published:Sunday | March 27, 2016 | 3:00 AM

SEC rejects Exxon Mobil bid to block shareholder proposal

 

The Securities and Exchange Commission (SEC) has rejected Exxon Mobil's bid to block a shareholder proposal that would require it to disclose how its business will be affected by a 2-degree target limit on global warming.

New York Comptroller Thomas DiNapoli, trustee of New York's $178.3 billion pension fund for public workers, joined with the Church of England's investment fund and others in filing the proposal to be included in proxy materials.

They want annual assessments of how Exxon Mobil's portfolio and oil and gas reserves would be affected by the limit endorsed by 195 nations in December. That calls for lower carbon emissions and reductions in burning fossil fuels.

The SEC says it disagrees with the oil company that the proposal is "inherently vague and misleading" or that its existing disclosures already cover it.

- AP

VW, Porsche recalling 800,000 SUVs over possible pedal issue

Volkswagen and its Porsche unit say they're recalling a total of about 800,000 Touareg and Cayenne SUVs worldwide because of a potential problem with the pedal system.

Volkswagen said last Thursday that it is recalling 391,000 Touaregs worldwide because of a problem that was detected in internal checks with "possible loosening of a retaining ring on the bearing block of the pedal system". The vehicles concerned are 2011-2016 models.

Porsche said the recall also affects just over 409,000 of its Cayenne SUVs, made in the same years.

Volkswagen said it will contact owners of the cars and aims to examine the vehicles as quickly as possible, with the checks expected to take less than half an hour each.

The recall comes as Volkswagen grapples with fallout from its diesel emissions-rigging scandal.

- AP