Get the latest tech news
Exxon throws a fit over shareholders exercising their rights
The oil supermajor filed a lawsuit in federal court asking for permission to ignore a shareholder resolution, sidestepping the SEC.
The problem Exxon faces is that the “basic rules of society,” specifically “those embedded in ethical custom,” are changing, and the company now finds itself on the wrong side of them. Years ago, the only shareholders who were a thorn in managements’ sides were activist investors who would amass substantial positions in a bid to gain board seats and steer company strategy. Even larger asset managers, including BlackRock, Vanguard and State Street, have warmed to shareholder proposals that seek to push companies to adhere to what Friedman called “ethical custom.”
Or read this on TechCrunch
