Most shareholders, 95%, voted in favor of Exxon’s board nominees|Harrison Keely|CC BY 4.0
ExxonMobil saw overwhelming shareholder support (95%) in securing board seats for its 12 nominees, including CEO Darren Woods yesterday. The win comes amid some stockholder discontent regarding the oil giant’s legal battles with climate-focused investor groups.
The controversy stems from Exxon’s lawsuit against activist investors, Arjuna Capital and Follow This. Both advocated for stricter carbon emission targets, which the company argues would harm shareholder value.
Investors who didn’t agree with Exxon’s stance threatened to replace the board members in Thursday’s shareholder meeting. The move eventually failed with the majority supporting the board.
Arjuna Capital and Follow This later withdrew the emission control resolution, but Exxon is moving forward with the lawsuit. It is supported by the Chamber of Commerce, the Business Roundtable, and major funds like BlackRock and Vanguard.
Despite the emission control resolution withdrawal by Arjuna and Follow This, Exxon persists with the lawsuit.
It is supported by the Chamber of Commerce and the Business Roundtable. Major funds, including BlackRock and Vanguard, also voted in favor of ExxonMobil’s leadership at the shareholder vote.
Nevertheless, dissent is palpable. Exxon shareholder CalPERS, the largest public pension fund in the US, and others are protesting its anti-climate stance.