Statement from NYC Comptroller Scott M. Stringer on ExxonMobil Lawsuit
October 24, 2018
(New York, NY) — In response to the New York Attorney General’s lawsuit against ExxonMobil, New York City Comptroller Scott M. Stringer today released the following statement on ExxonMobil’s persistent obfuscation and alleged fraud about how climate change poses a risk to the company, the New York City Pension Funds, and the planet:
“ExxonMobil has been hiding behind a smokescreen for years – refusing to give investors meaningful information about climate change risks and the company’s future.
“New York City has repeatedly called for ExxonMobil to tell investors the truth about climate change. We’ve demanded these exact disclosures, and now the company is being sued to make them.
“The fraud alleged in the Attorney General’s suit is systematic, intentional, and originates from the highest levels of Exxon management – including the Chairman of the board of directors. It’s daunting and means that this lawsuit is ultimately a failure of the board.
“Here are my questions: What did the board know? When did they know it? And where are they now? The board cannot ignore investors anymore – they must respond to our demands, immediately.
“I commend Attorney General Barbara Underwood for her efforts to seek accountability and disclosure, and protect investors with this lawsuit.”