An Alberta First Nation has filed a proposal for Imperial Oil shareholders to make the company disclose the potential impact of the energy transition on its operations and more specifically its obligations regarding the retirement of assets once they stop producing. The proposal aims to force Imperial Oil to report the expected effect of different transition scenarios on the long-term future of its assets and their retirement, including reclamation activities—and their costs.
These leaks and the way Imperial Oil handled them “raise serious questions about Imperial’s ability to manage the risk of long-liability assets like tailings ponds as well as its commitment to transparency,” the Athabasca Chipewyan First Nation said in the proposal, to be put to the shareholder vote at the company’s shareholders’ meeting later today.