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Elizabeth Warren Requests federal probe into oil executives’ salaries

Thomas Catenacci

Massachusetts Democratic Sen. Elizabeth Warren asked the nation’s top financial regulator on Wednesday to open an investigation into whether some oil and gas corporations misled the public about compensation for financial institutions. CEO or not.

The Securities and Exchange Commission (SEC) should probe how the big three oil companies tie vulnerable climate standards to executive pay, Massachusetts Democrat Written sent to the agency’s President Gary Gensler in a letter. The companies – Chevron, Marathon Petroleum and Occidental Petroleum – are accused of generously rewarding their executives in the face of shortages. environmental The standards they promised investors they would meet, she said.

Warren Written to Gensler. “I am asking the SEC to investigate this matter.”

“I am a strong advocate of providing investors and the public with climate-related disclosures and using the SEC as a valuable tool to increase gas accountability,” said Warren. Queen. “The SEC’s increased focus on ESG-related misconduct is a positive development, but the SEC must act to ensure that ESG indexes are vulnerable to manipulation so that executive compensation does not undermine weak investor protection”.

Warren quote a report published in The Washington Post’s October, found that companies continue to report high environmental standards and reward CEOs big even when they’re responsible for increasing emissions and oil spills. In 2018, Marathon Petroleum CEO Gary Heminger was awarded $272,251 for “excellence” in improving the environment despite the company’s 1,400-barrel fuel leak in Indiana, according to reports.

“These corporations are prime examples of companies using ESG metrics to reward their top executives even though they appear to mislead investors and the public by way does not meet stringent environmental standards,” Warren said in a statement Wednesday.

The Massachusetts The senator noted that her legislation, the “Climate Risk Disclosure Act of 2021,” would require every publicly traded company to disclose emissions data.

Warren asked Gensler to respond to her letter in early January.

Chevron, Marathon Petroleum and Occidental Petroleum did not immediately respond to requests for comment.

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https://www.tampafp.com/elizabeth-warren-demands-federal-probe-into-oil-executives-salaries/ Elizabeth Warren Requests federal probe into oil executives’ salaries

DUSTIN JONES

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