ESG Trend Fuels Climate Activists' Victory At Exxon Meeting

Law360 (May 26, 2021, 3:57 PM EDT) -- Several developments this proxy season are showing general counsel and their companies that shareholders are serious about environmental, social and governance issues, and ExxonMobil Corp. on Wednesday felt the power of those demands.

At Exxon's annual meeting, a small activist hedge fund called Engine No. 1 ran a slate of four directors against Exxon management's slate. As of deadline, two of the activist directors were elected and votes were still being counted in the other two races, which were too close to call.

CNBC called the election a "seismic victory" for the pro-environment hedge fund, while the Wall Street Journal cited...

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