Hi Will,
Thank you for you invitation for comment
I think your thesis is spot on
My comments if helpful would be:
1. Investors engaged with BP over the Texas City disaster and yet Deep Water Horizon still happened
2. Oil companies have been active in CSR for years and have become quite good at dealing with investor engagement
3. I believe there is now a question mark over how effective engagement is. Sometimes, only divestment and increasing funding costs hit home
4. Oil companies are right to say resilience is a priority, but resilience increases sustainably through an accelerated switch to renewables
5. It is true that oil companies may receive increased investor support from elsewhere in the world - conservative (small c) countries eg Russia, China, India, Iran, Venezuela, Saudi Arabia, etc don’t seem to like rapid change / transition. Like Tobacco companies, oil companies have found support in EM. Perhaps investors can become more robust in their engagement / divestment with EM companies and organisations
Just a few thoughts
I hope it helps a bit
Best regards
Christopher Wigley
Sent from my iPhone