On May 29, ExxonMobil successfully fended off a shareholder revolt led by CalPERS, the largest public pension fund in the US, and other activist investors, including Norway's Norges Bank. The oil giant's shareholders re-elected Chairman Darren Woods and lead director Joseph Hooley, despite efforts to oust them due to disagreements over climate change-related proposals. CalPERS CEO Marcie Frost criticized ExxonMobil's governance, labeling it an 'absolute governance failure' and warning that the company's legal actions against activist investors could set a dangerous precedent. Despite the opposition, 95% of ExxonMobil shareholders voted to retain the current board, highlighting a significant divide between the company's management and climate-focused investors.
ExxonMobil shareholders overwhelmingly endorse its hardball tactics in confronting climate activist investors https://t.co/hWKGOapaHt https://t.co/aUGk7CFIg2
Wednesday’s shareholder vote will “have a chilling effect” on future proposals and “reward Exxon’s bad behaviour.” https://t.co/q8WgFJBphB #energy #EnergyTransition #ClimateActionNow #renewables #NetZero #FossilFuels https://t.co/CDALCjzAuE
Top Exxon directors cruise to re-election despite activist opposition https://t.co/kxX1IN30fU https://t.co/b8xu33fLQ4
'Engagement' with oil companies doesn't work, part 8,976: Despite efforts from California's pension fund to oust Exxon board members, they cruise to reelection with 95% of the vote. Time To Divest https://t.co/tmqcuEBKQl
Exxon stockholders side with oil giant in feud with Calpers and activist investors https://t.co/lWZKsqqvov by @alexiskweed
Today, a group of the world's largest LPs, including Calpers and Norway's Norges Bank Investment Management, failed to remove board members at ExxonMobil after a spat over shareholder rights. Instead, 95% of shareholders voted to keep the board in place. https://t.co/0su3Rj7ERM
Chevron shareholders vote to re-elect all 12 sitting directors to its board https://t.co/iKl0tmmUYp
Cooley provides extensive explanation of Exxon Mobil lawsuit against activist investor Arjuna Capital. Is proxy process being abused by shareholders compelling companies to take stands that are against their own economic interest? #esg https://t.co/YMS2sUgz9S
Exxon board, CEO survive ouster push by CalPERS, other large pension funds - PIOnline
Exxon Wins Board Vote by Wide Margin https://t.co/wt8ubIGzZe
Exxon investors voted in line with management recommendations on all shareholder proposals at its annual meeting https://t.co/GV39QajOsM
Exxon may set a dangerous precedent by suing shareholders over a climate-related proposal, Calpers CEO Marcie Frost said https://t.co/LToF0eMovo
Exxon Mobil shareholders re-elected Chairman Darren Woods and lead director Joseph Hooley, who were targeted by activist shareholders https://t.co/X1DXdy29dS https://t.co/nqu6BhgqQ1
Marcie Frost, CEO of California Public Employees Retirement System (CalPERS), cites "an absolute governance failure" when explaining why CalPERS is voting against the entire slate of Exxon Mobil directors https://t.co/TqJ8wW4jkh https://t.co/OvyvPQtA8S
An activist investor sued by Exxon Mobil over a now-withdrawn shareholder proposal concerning climate change has again called on the oil giant to withdraw its suit after broadening its previous promise not to resubmit the proposal in the future. https://t.co/ACZEuQSS7H https://t.co/0rMNVpsIxF
Exxon plays hardball against climate NGOs. Will investors care? https://t.co/KZ4qwb8vm6
ExxonMobil has accused Calpers, the largest public pension fund in the US, of neglecting its members’ interests after the fund attempted to organise a shareholder revolt https://t.co/ShnbvwkK0B https://t.co/PoXYNhQdm4
A group of European and American investors raised concerns about Exxon Mobil's lawsuit against activist groups. They said that long-term investors would suffer if companies turned to the courts to settle disagreements on shareholder proposals https://t.co/CdxrbJkYHQ https://t.co/P9iZAwQcEa
TOMORROW: @CalPERS CEO Marcie Frost on the nation’s largest public pension fund taking on ExxonMobil and their plan to vote against the oil giant’s entire board. https://t.co/KULAelt6fb
ExxonMobil’s scorched earth lawfare is tempting fate https://t.co/ehn6DXdP93 | opinion
ExxonMobil chief says Calpers is neglecting members’ interests by attempting to organise a shareholder revolt designed to punish the oil supermajor https://t.co/FOXouBNxvj via @ft
Exxon and some of its investors view their financial duties differently—and it's a trend that's bound to continue as climate change worsens, writes @JustinWorland https://t.co/RPgqR3EQOD
Highlighting Exxon suit, investors urge firms to keep shareholder spats out of court https://t.co/slv6SymCDy https://t.co/alr5V86D47