VLO - Climate resolution at Valero Energy wins backing of Norway oil fund

2023-05-04 18:21:06 ET

Norway's $1.4T sovereign wealth fund said Thursday it will vote for a shareholder resolution calling on Valero Energy ( NYSE: VLO ) to release short-, medium- and long-term reduction targets for greenhouse gas emissions.

"Sustainability disclosures should be aligned with applicable global reporting standards and frameworks to support investors in their analysis of risks and opportunities," said Norges Bank Investment Management, which operates the Norwegian fund.

NBIM said it will vote against the reappointment of Valero ( VLO ) Chairman and CEO Joe Gorder to the company's board, which the fund said is in line with its long-held view that the two positions should be kept separate.

Valero's ( VLO ) board has recommended against the shareholder motion, saying the requested targets likely would result in refinery closures.

The Norwegian fund, built on cash from Norway's oil and gas industry, held a 1.07% stake in Valero ( VLO ) at year-end 2022.

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