Aktivistische Aktionäre erobern dritten Platz im Exxon-Board handelsblatt.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from handelsblatt.com Daily Mail and Mail on Sunday newspapers.
June 1, 2021
The Exxon Vote: Pension Supporters Stay Onboard to Advance Change
CalPERS, CalSTRS, and NY Common helped push through outside directors at the oil leviathan, rather than unload its shares.
Sticking around and backing dissident board candidates worked. Instead of divesting from Exxon Mobil, the US’s biggest oil company, the nation’s three largest public pension funds pursued a successful strategy of advocating for change, and they just helped elect a pair of outside directors. Expect more of this tack against fossil fuel outfits.
Running counter to the trend of pension programs dumping fossil fuel stocks, these giant retirement systems the California Public Employees’ Retirement System (CalPERS), the California State Teachers’ Retirement System (CalSTRS), and the New York State Common Retirement Fund believe that, in most cases, working from within is the better way to promote change.
“If you want to keep the temperature low enough that civilisation will survive, you have to keep coal and oil and gas in the ground. That sounded radical a decade ago. Now it sounds like the law.” – Bill McKibben Call it what you will: a setback; a rude awakening; a kick in the behind; a stumbling block; or just a bad few days at the office. However you categorize it, the