Most Exxon stockholders voted to retain CEO Darren Woods and 12 other current directors on the oil giant’s board, rejecting a revolt organized by the...
) stockholders sided Wednesday with the company in its feud with activist investors and the nation's biggest public pension fund , voting to retain CEO Darren Woods and 12 other current directors on the oil giant’s board.
The CEO of Exxon Mobil Corporation, Darren Woods, speaking May 6 at a conference in Beverly Hills, Calif. The vote marked an important test of the power balance between companies and activist investors. "If you get reelected with kind of a bad aftertaste, in stockholders' view, I think that does put you on notice that this could happen again next time you're up for election," Talley said before the Exxon votes were tallied.
In essence, Exxon's suit preempts SEC's rules that allow for shareholders with a certain level of support to submit proposals three times."It's almost like taking a chainsaw to cut a birthday cake," Talley said about Exxon's approach to filing suit before letting the SEC's regulatory process play out. "That effectively unlocks is a Pandora's box of going straight to court for anything that you don't like.
“We’re disappointed that Exxon is circumventing the SEC’s shareholder proposal process by proceeding directly to litigation in federal court which will result in silencing investors that voice climate-risk concerns," Lamb said.
Darren Woods Activist Investors Environmental Proposals Public Pension Fund Stockholders Chief Executive Officer Marcie Frost
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