Guest ridiculing by David Middleton
This is sort of a sequel to yesterday’s post about “Weepy Bill.” How often have you seen grandiose statements like these in moronic articles about fossil fuel divestment movements?
- Global Fossil Fuel Divestment Movement Reaches $6.24 Trillion in Assets Under Management
- The new divestment report, by Arabella Advisors, calculates that investors with $6.2tn in assets under management have committed to divest from fossil fuels, up from $5.2tn in the previous report in 2016.
- The assets under management (AUM) of individuals and institutions that have pledged to divest from fossil fuels now exceed $6 Trillion dollars — a total wealth that is greater than the GDP of Japan.
- Investment Funds Worth Trillions Are Dropping Fossil Fuel Stocks… The group focuses on the overall value of the funds under management with divestment pledges, he said, because “This is the measure of the level of influence that these investors have on the market.”
- Six years later, we have marked the 1,000th divestment in what has become by far the largest anti-corporate campaign of its kind. The latest to sell their shares – major French and Australian pension funds, and Brandeis University in Massachusetts – bring the total size of portfolios and endowments in the campaign to just under $8 trillion (£6.4tn).
$8 trillion worth of assets under management (AUM) is a lot of money… Right?
ExxonMobil is one of the largest, most successful, best-managed climate wrecking corporations in the world. How do the divestment delusions compare to ExxonMobil?
|Top Institutional Holders|
|Holder||Shares||% Out||Value ($)||AUM ($ trillions)|
|Vanguard Group, Inc. (The)||326,288,519||7.71%||26,661,034,588||5.1|
|State Street Corporation||207,623,330||4.90%||16,964,902,104||2.8|
|Northern Trust Corporation||55,890,222||1.32%||4,566,789,988||1.2|
|Bank Of New York Mellon Corporation||54,101,360||1.28%||4,420,622,076||1.9|
|Capital Research Global Investors||54,070,428||1.28%||4,418,094,622||1.9|
|Geode Capital Management, LLC||47,771,187||1.13%||3,903,383,646||0.4|
|Bank of America Corporation||45,555,147||1.08%||3,722,311,019||1.1|
|Norges Bank Investment Management||39,326,509||0.93%||3,304,213,154||1.0|
|State Farm Mutual Automobile Insurance Co||37,126,800||0.88%||3,033,630,794||13.0|
(Table edited because I included the totals in the averages… D’oh!)
One of the standard tools in the environmental fraudster bag of tricks is to present facts and numbers without any meaningful context; that’s why articles like this make me laugh my @$$ off…ExxonMobil’s 10 largest institutional shareholders have $34.7 trillion in assets under management (AUM), combined they only control 27% of XOM’s shares, none of them are government entities, churches or government employee pension funds. They average $3.5 trillion in AUM. Weepy Bill’s 1,000 have a total of $8 trillion under management, an average of $8 billion in AUM.
DECEMBER 16, 2018
Shareholders call on ExxonMobil to set greenhouse gas reduction targets
NEW YORK (Reuters) – A number of institutional investors in ExxonMobil Corp (XOM.N) have said they will file a shareholder resolution which calls on the world’s largest oil company to set targets for lowering its greenhouse gas emissions.
The call, led by the New York State Common Retirement Fund (NYSCRF) and the Church Commissioners of England (CCE), comes in the wake of shareholder moves at other major energy firms seeking to make them more responsive to climate change and its impact on the business.
The NYSCRF and CCE are joined in the latest initiative, which will be filed for a potential vote at Exxon’s shareholder meeting in the spring of 2019, by other funds including the California Public Employees’ Retirement System (CalPERS), and HSBC Global Asset Management, the statement added.
How many of ExxonMobil’s largest institutional investors are mentioned in this article?