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Calling all shareholders, calling all shareholders.BP and Shell both have mid-December deadlines for resolutions that will be put to their meetings, and U.K. rules require 100 shareholders to co-file.In the U.S., oil companies are the largest targets of resolutions from dissident shareholders; ExxonMobil and Chevron together have had to put 136 resolutions to their meetings since 2007, each one requiring lawyers and managers to craft a rebuttal. At Exxon, they averaged just 22 percent support, and a Financial Times analysis earlier this year found no sign of environmental resolutions picking up increased support among the biggest institutional shareholders who really can swing the votes.The movement has won institutional recruits, and the headline-grabbing support of the Rockefeller Brothers Fund, a charity built on the riches of John D Rockefeller's Standard Oil.There is little in the way of evidence that divestment affects share prices, little to suggest that the very largest institutional shareholders will want to limit their investment options in the way campaigners hope, and zero chance that the index tracker funds who dominate the market can sell out of Exxon, the second-largest company in the world.In all likelihood, though, it may undermine and dispirit the shareholder activists more than it undermines the companies themselves.
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