Exxon Beats the ESG Activists
5/30/24
from The Wall Street Journal,
5/30/24:
A punitive campaign by public pension funds to oust its CEO and a director fails.
Exxon Mobil shareholders on Wednesday overwhelmingly repudiated a campaign by progressive activists to dislodge CEO Darren Woods and independent director Joseph Hooley from its board. Most investors care about financial returns more than public pension funds apparently do.
Leftist groups and government pension funds campaigned to oust Messrs. Woods and Hooley in retaliation for Exxon’s lawsuit against progressive investors, Follow This and Arjuna Capital. The two outfits harass companies with shareholder resolutions to compel them to reduce CO2 emissions.
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