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Excerpt from www.telegraph.co.uk
Despite the current Board’s focus on carrying out its fiduciary duty to maximize returns to investors, it now finds itself under attack by public pension fund managers in the Blue states of California, New York, and Illinois, along with several other activist investors. These shareholders are not concerned with stock price or market cap: they want to see Exxon reduce its greenhouse gas emissions.
The activist investors include Arjuna Capital and Follow This, who have sponsored a proposal which would compel Exxon to accelerate its reduction of greenhouse gas emissions so as to reach net-zero emissions by 2050. Exxon management filed suit in federal court in January to quash what it regards as nuisance resolutions.
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