Religious proxy shareholder activists are at it again. This past week, As You Sow in tandem with Arjuna Capital submitted a proxy resolution to ExxonMobil, demanding the company increase investor payouts. The reasoning behind the resolution is to starve the company’s research and development of future projects. Because … climate change:
In a first of its kind proposal, Shareholders Arjuna Capital/Baldwin Brothers Inc. and As You Sow seek increased dividends or share buybacks from Exxon Mobil given structural challenges facing the industry — historically high capital expenditures, decreasing profitability, and global climate change. This represents the first shareholder proposal asking a company to return capital to shareholders in light of climate change risk.
Read Full Article »