> 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
In this case the basic goal of making money is so completely at odds with the request of shareholders I wonder if Exxon has a case. An oil company’s value is tied up in the proved reserves it has. If they decide to stop burning fossil fuels, those reserves become worthless…and so does Exxon. I don’t see a way for a company like Exxon to help fight climate change and still meet its legal obligation to maximize shareholder value.
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FTA: :
> 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
In this case the basic goal of making money is so completely at odds with the request of shareholders I wonder if Exxon has a case. An oil company’s value is tied up in the proved reserves it has. If they decide to stop burning fossil fuels, those reserves become worthless…and so does Exxon. I don’t see a way for a company like Exxon to help fight climate change and still meet its legal obligation to maximize shareholder value.