"In calling for regulatory review, the Democratic senator cited bonuses based on ‘easily manipulated’ environmental metrics at Marathon Petroleum"
"Sen. Elizabeth Warren called on the country’s top securities regulator to examine the pay practices of large energy companies, citing a report in The Washington Post that revealed how some fossil fuel giants reward executives for meeting environmental goals even in years when their companies caused significant environmental harm.
In a letter Tuesday to Gary Gensler, the chairman of the Securities and Exchange Commission, Warren (D-Mass.) expressed concern that companies including Marathon Petroleum and Chevron may be deceiving investors and the public about their progress combating climate change to guarantee large bonuses for top executives.
“If the environmentally-friendly narratives sold by these corporations, and the promises that they would hold their top executives to stringent environmental quality standards, are found by SEC to be deceptive or fraudulent, they would represent a violation of the Securities Act of 1933,” Warren wrote, citing the law that requires companies to be truthful."
Douglas MacMillan and Julia Ingram report for the Washington Post December 15, 2021.
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