Exxon Sues to Prevent Climate Proposal From Getting a Shareholder Vote
The complaint, filed in a U.S. District Court in Texas, said a proposal by activist investors calling for the oil giant to cut emissions faster would not create shareholder value.
Exxon Mobil is suing two activist investors to prevent their proposal calling for emissions cuts at the oil giant from going to a vote of shareholders.
In a complaint filed in U.S. District Court for the Northern District of Texas on Sunday, Exxon accused the investors, Arjuna Capital and Follow This, of abusing the process for proposing shareholder votes to advance their priorities with votes “calculated to diminish the company’s existing business.”
Arjuna filed a proposal in December for a nonbinding resolution that urged Exxon to accelerate its plans to reduce its carbon emissions and expand the scope of the emissions it measures to include its suppliers and customers. Follow This joined in support of the proposal shortly thereafter, according to the complaint.
The proposal “does not seek to improve ExxonMobil’s economic performance or create shareholder value,” Exxon said in the complaint, but is instead “constraining and micromanaging” the company’s operations.
The entire problem in a nutshell. Why won't these shareholders think about shareholder value!?
we know you own a part of our company, but fuck you. what a complete scam.
The invisible hand of capitalism gropes us all, once again.
One dry finger checking their oil even, one could say.
No, that's not capitalism, that's rampant stupidity. Imagine how much fucking money these companies could make, if they invested the same money the do for oil in to synthetic stuff, the potential is unlimited and with the CO2 Tax in most other countries, Oil is going to shit the bed crazy. They are afraid to change the status quo, regardless if it would be the smarter, economical decision.
It doesn’t improve ExxonMobil’s performance literally today, but it does when, you know, the world doesn’t end as fast. Literally “think beyond today”
Have them pretend they produce coal instead of oil. Now you have 2 choices, keep doing what you're doing (and end up where coal is now), or actually diversify into more green energy and stay sustainable long term. Staying around long term seems like a better return to me.
The executives don’t care; their incentives are for short term profits as that’s how they get their bonuses and pay hikes. They would likely dismantle the company tomorrow and sell it for scrap if would mean they would end up pocketing the majority of it. (Obviously considering the size of the company and its importance, and pesky legal regulations, they probably wouldn’t get away with scrapping it but the point is they would if they could)
This is also driven out of a requirement to always maximize returns for shareholders, even if long term it doesn't make sense for the company.
It's almost like capitalism isn't designed with the company or workers in mind, and will devour both for another cent. 😜
Amazing how "increase shareholder value" is in direct opposition to keeping the shareholders, their descendants, and modern civilization itself viable.
Capitalism thinks one quarter at a time man you can’t expect them to care about next decade, much less descendants
I feel like long term growth absolutely works towards shareholder value.
I know it's getting harder and harder to distinguish between what's real and what's fake. So I'm just going to accept that this is absolutely 100% what happened.
Wow. What the fuck is that from??
My ass. I pulled it from my ass. You may quote it directly, it prefers being credited as "TheFartographer's Swampy Fun-Hole"
All credit directly to your ass, good sir. May your ass continue to wreak literary mayhem until this joke of an oligarchy fails (and maybe for a few days after too)
It's as if you were channeling William Burroughs
Wow, what a ride of a comment. Thank you, TheFartographer's Swampy Fun-Hole
Bloody hell. Your ass should create its own paper, it would be better than 90% of the media out there.
FUCK EXXON
We need to get rid of the big corporations. Just… all of them. Maybe even the idea of corporations as a whole. Get them gone, they’re actually killing human civilisation as we know it. We’re going to actually be Cyberpunk if this keeps up.
Drastic step, I know; and one that’s… unlikely, to say the least. Just saying things how I see it.
We're going to wish our world was like cyberpunk if these businesses get their way.
But that 25% headcount cut sailed through.