On Tuesday, Norway's $ 872 billion sovereign wealth fund said it would vote in
favor of shareholder proposals at Exxon and Chevron Corp. that would require the companies to report more fully about the risks their businesses could face from tougher carbon policies and extreme climate impacts.
InsideClimate News reviewed 25 years»
worth of shareholder proposals at the three largest U.S. oil companies — ExxonMobil, Chevron and ConocoPhillips — to see how they responded to investor concerns about climate change.
Vice President Jeff Woodbury wrote that on
many of the shareholder proposals «the corporation agrees with the underlying objective — we just have a different view on the best means to achieve it.»
Investors have filed a record number
of shareholder proposals on ESG issues this year, with a focus on climate change and corporate political activity, according to the As You Sow shareholder advocacy group.
In April, shareholders sent a strong rebuke, with a majority voting against Nabors» pay practices, a culmination of many
years of shareholder proposals to address pay issues.
On the political end of the spectrum, Proxy Preview notes an increase in the number
of shareholder proposals regarding political lobbying, which «has clearly surpassed those on election spending.»
L. Rev. 879, 926 n. 15 (1994)(citing Susan Leibler's well - known study «using reported
costs of shareholder proposals in 1976 and 1981 to estimate that shareholder proposals, both included and excluded, during 1975 - 1976 proxy season cost U.S. companies a total of $ 7 million»).
One of the nation's largest pension funds, it was a lead
filer of a shareholder proposal in December that urges Facebook to establish better policies for addressing election interference and hate speech, and to provide shareholders with reports «reviewing the efficacy of its enforcement of its terms of service related to content policies.»
InsideClimate News reviewed 25 years»
worth of shareholder proposals at the three largest U.S. oil companies — ExxonMobil, Chevron and ConocoPhillips — to see how they responded to investor concerns about climate change.
Many large companies usually have a
number of shareholder proposals, and there are some individuals, known as activist shareholders, who simply buy shares of a company to get certain proposals on the agenda.
Exxon has recommended that shareholders vote against
all of the shareholder proposals this year.
Each of the other proposals, including the election of directors (Proposal No. 1), the advisory resolution approving Apple's executive compensation (Proposal No. 3), the proposal to approve the amended and restated Apple Inc. 2014 Employee Stock Plan (Proposal No. 4), and
each of the shareholder proposals (Proposals No. 5 through No. 8), are considered non-routine matters under applicable rules.
Section 14 and Rule 14a - 8 under the Securities Exchange Act of 1934 govern the submission
of shareholder proposals.
accountants, FOR the advisory vote on executive compensation, FOR the amendment to the Restated Certificate of Incorporation, and AGAINST
each of the shareholder proposals.
The Wall Street Journal reported that in 2014 «environmental and social issues have accounted for 56 %
of shareholder proposals, representing a majority for the first time.»