Investors vs Exxon
ICCR files solicitation to XOM investors in direct response to proxy statement call-out
As noted here…
… XOM 0.00%↑ dedicated more than 3-pages of their proxy detailing a decade-worth of shareholder proposals. This of course follows the controversial tactic taken by the company in Q1 to litigate a shareholder proposal (naming Arjuna Capital and Follow This) rather than leveraging the SEC No-Action process. Exxon decided in the proxy to specifically call out investors, like ICCR, that helped coordinate said shareholder proposals over the years:
“ICCR members are responsible for approximately 40% of all proposals received by ExxonMobil for the 10-year period from 2014 to 2023”
In response…
ICCR has punched back with an exempt solicitation this morning:
This language signals a growing hostility and open contempt for the legitimate concerns of investors regarding the company’s management of climate-related financial risk.
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The company’s attacks on shareholders concerned with long-term financial risk is a regrettable turn for Exxon Mobil management, which for two decades under numerous Corporate Secretaries held substantive discussions with investors, including many ICCR members. These discussions included talks with individual proponents and small groups as well as annual convenings with several dozen investors for half-day discussions on strategies to address climate change and other risks to the business. These meetings were respectful and constructive conversations where both investors and management learned from one another. These recent attacks represent a radical setback in investor relations that will only sow divisiveness and hostility between Exxon Mobil’s board and management and its investors.
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