At the annual shareholder meeting of Exxon Mobil yesterday, the vast majority of shareholders (95%) backed the company’s viewpoint.
This much anxiety in a virtual conference is probably the highest since your family attempted to play Quiplash during the epidemic. In spite of the considerable drama surrounding the company’s annual shareholder meeting yesterday over climate change and shareholder rights, the majority of shareholders (95%) sided with Exxon Mobil and voted to reelect all 12 directors.
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A little history
Exxon filed lawsuits against two activist investor organizations, Arjuna Capital and Follow This, earlier this year because they suggested more ambitious objectives for reducing emissions. According to Carbon Tracker, the business, which has the poorest emissions reduction commitments among the global “oil supermajors,” asserted that their plan promoted a “radical agenda” that would destroy shareholder value.
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The resolution was withdrawn by Arjuna and Follow This
However, Exxon is moving forward with its lawsuit in an attempt to alter the present procedure and obstruct any future settlements that it feels will be detrimental to the business.
Not everyone agrees with the Chamber of Commerce and Business Roundtable’s papers supporting Exxon in the lawsuit. The biggest public pension fund in the country, CalPERS, declared last week that it will vote against every present board member of Exxon, including the CEO, in opposition to the company’s lawsuit. It asserted that the lawsuit may have “devastating” effects and jeopardize shareholders’ ability to hold companies responsible.
Not alone CalPERS: In an effort to oppose the company’s action, seven Exxon stockholders submitted paperwork to the SEC. Furthermore, the New York State Common Retirement Fund declared just days before to the CalPERS declaration that it would vote against the majority of the board due to the company’s climate policy.
The Big Oil barricade is being struck by activists. Yesterday saw a huge victory for Exxon, while last week Shell shareholders disregarded demonstrators near and on their voting floor. To succeed, activist investors like Follow This who are pressuring Big Oil to make significant climate-related reforms will have to focus their efforts on gaining the support of new investors, including financial companies and pension funds.
Source:
https://www.morningbrew.com/daily/stories/exxon-beats-activist-investors-by-large-margin
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