16.44% votes in favour
AGM date
Previous AGM date
Proposal number
Resolution details
Company ticker
Resolution ask
Report on or disclose
ESG theme
  • Environment
  • Social
ESG sub-theme
  • Just Transition
Type of vote
Shareholder proposal
Filer type
Company sector
Company HQ country
United States
Supporting materials
  • Exempt solicitation_Marathon petroluem_just transition_item 9.pdf Download
Resolved clause
Resolved: Shareholders request that the Board of Directors prepare a report disclosing how Marathon Petroleum Corp. (“Marathon”), is addressing the impact of its climate change strategy on key stakeholders, including but not limited to the communities its serves and workers, consistent with the “Just Transition” guidelines of the International Labor Organization (“ILO”). The report should be prepared at reasonable cost, omit proprietary information, and be made available to investors.
Supporting statement
Supporting Statement: At the 2021 UN Climate Change Conference, the United States and other governments agreed to the Just Transition Declaration. (
That Declaration notes the 2015 Paris Agreement underscored the “close links between climate action, sustainable development, and a just transition,” including “the imperatives of a just transition of the workforce and the creation of decent work and quality jobs.” The Declaration cites the ILO’s 2015 Guidelines For a Just Transition as “establish[ing] a global understanding” of a “just transition” as a process towards "an environmentally sustainable economy,” which “needs to be well managed and contribute to the goals of decent work for all, social inclusion and the eradication of poverty.” (
Guiding Principle E specifies a just transition involves “anticipating impacts on employment, adequate and sustainable social protection for job losses and displacement, skills development and social dialogue, including the effective exercise of the right to organize and bargain collectively.” ( Critically, the success of this Declaration and the Paris Agreement depend not just on government policies, but also, as the ILO states, on the “pivotal role of employers,” particularly in carbon intensive sectors.
Investors increasingly acknowledge the value of a just transition for mitigating material financial risk and providing greater market certainty in the transition to a low-carbon economy. 161 investors representing $10 trillion in assets signed the UN PRI’s “Statement of Investor Commitment to Support a Just Transition on Climate Change,” contending “the responsible management of workforce and community dimensions of climate change are increasingly material drivers for value creation.” (
Following receipt of this proposal ahead of last year’s shareholder meeting, Marathon published Creating Shared Value Through a Just and Responsible Transition. ( Unfortunately, this report offers no meaningful metrics for investors to measure the success of Marathon’s strategy or map against the Company’s climate scenario analysis and goals.
Rather, we recommend the report include:
–A set of measurable, time-bound indicators, such as those recommended by the World Benchmarking Alliance Just Transition methodology and progress against such indicators (e.g.,;
–Progress to date for achieving those goals for a Just Transition;
–Consistency of the Company’s Just Transition plan with best practices; and,
–Disclosure of the Company’s stakeholder engagement process and participants.

How other organisations have declared their voting intentions

Organisation name Declared voting intentions Rationale
KBI Global Investors For
Anima Sgr For The company published its first just transition report in March 2022 framing its commitments and engagement with stakeholders to address the potential social impacts of the energy transition. The company asserts that its just transition report is informed by the ILO Just Transition Guidelines and that it incorporated elements of the Climate Action 100+'s Net-Zero Benchmark's Just Transition Indicator. The report does not contain goalsetting or specific, time-bound targets to track performance and metrics for success, though it publishes related data in its annual sustainability report. In addition, Marathon lists its enhanced employee benefits package to employees who were impacted by staffing reductions which included enhanced severance payments, continued insurance coverage, out-placement assistance, and more. However, shareholders would benefit from additional disclosure on the potential social impacts that transitioning to a low carbon economy might have on the company and its operations. Such information would allow shareholders to better assess the company's efforts to manage and mitigate those risks.
CoreCommodity Management, LLC For
Kutxabank Gestion SGIIC SAU. Against Although we are broadly supportive of a company's disclosure of how it intends to ensure workers are considered through the climate transition, we believe that the Company's current reporting satisfies this disclosure and we do not believe that the proponent has identified areas where such disclosure could be meaningfully improved.

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