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Exxon prevails over dissident shareholders in board battle

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By illuminem briefings

· 1 min read

iluminem summarizes for you the essential news of the day. Read the full piece on Financial Times or enjoy below:

🗞️ Driving the news: ExxonMobil has successfully fended off a shareholder revolt aimed at its board, sparked by the company's lawsuit against climate-focused investors
• Shareholders re-elected all 12 board members, including CEO Darren Woods, with a 95% approval rate

🔭 The context: The shareholder revolt was driven by Exxon’s legal actions against Arjuna Capital and Follow This, who had proposed resolutions for greater emission reductions
• Despite the controversy, Exxon’s strong financial performance, with $36 billion in earnings last year, helped secure board support

🌍 Why it matters for the planet: The overwhelming vote in favor of Exxon's board may discourage future shareholder motions pushing for stronger climate actions, potentially stalling progress on corporate environmental responsibility

⏭️ What's next: The court case against Arjuna Capital continues, with potential implications for shareholder rights and future climate-related proposals
• The financial community remains wary of Exxon's legal stance against shareholder activism

💬 One quote: “Most investors missed the opportunity to voice their concerns over Exxon’s lawsuit against shareholders and attack of shareholder rights,” said Mark van Baal, founder of Follow This

📈 One stat: Shareholders voted 95% in favor of Exxon’s board slate, with the lowest individual director receiving 87% support

Click for more news covering the latest on oil & gas

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