Exxon throws a fit over shareholders exercising their rights – By Tim De Chant (Techcrunch) / Jan 22, 2024
It’s a dirty little secret in business that everybody has a boss, even the bosses. Top executives report to the CEO, the CEO answers to the board, and the board serves at the whim of the shareholders.
Exxon’s management has now decided that it doesn’t like what its bosses have to say.
On Sunday evening, the oil supermajor filed a lawsuit in federal court asking for permission to ignore a shareholder resolution at its next annual meeting. The resolution was proposed by Arjuna Capital and Follow This, two activist investors that are seeking to compel Exxon to rein in its vast carbon emissions.
Hang on a minute, aren’t shareholders supposed to be sacrosanct? Isn’t the whole point of a corporation to please its shareholders? That’s what Milton Friedman said when he argued in favor of shareholder primacy back in 1970:
CONTINUE > https://techcrunch.com/2024/01/22/exxon-sues-activist-investors/
