Republican officials from nineteen states urged major money managers to vote with Exxon to support the oil company in a lawsuit launched by the oil company against climate activists wanting the company to adhere to stricter climate targets.
From Reuters: “The group, including Florida Chief Financial Officer Jimmy Patronis and Louisiana State Treasurer John Fleming, said in a letter to companies including BlackRock, Goldman Sachs, and JPMorgan, that Exxon’s board ‘deserve our thanks and support… for seeking to rein in activist shareholders’. Exxon’s pursuit of the case against Arjuna Capital and Follow This over a proposal the company push for stricter climate targets, even after the investor groups withdrew it, has split opinion among shareholders and state officials.”
At Exxon’s annual meeting today, stakeholders including the largest and third-largest pension funds have said they will vote against re-election of specific board members to protest the lawsuit Exxon has brought against its shareholders.
From Politico’s The Long Game newsletter: Now, a $1.5 trillion Norwegian oil fund and top 10 shareholder is joining the party, committing to vote against the reelection of a board member. For those leading the backlash, the fight is more about protecting the rights of investors than Exxon’s stance on efforts to fight global warming. ‘This is not about climate change,’ Marcie Frost, head of California’s public employees’ retirement system, said in a memo. ‘The company’s decision to seek new, broad corporate power puts every issue on the table.’”
Stay tuned for the results from Exxon’s board election.
