Business
‘Wolf pack’ attack win opens the door for more turmoil – The Sydney Morning Herald
The success of the activist shareholder assault on the Exxon board could encourage more contests where the lines between social and financial activism are blurred….
More than half the funds it manages are, however, passive or index-related funds that would have an exposure to their total market, including companies that fail key ESG criteria.
The Exxon vote brought together a coalition of investors who are concerned about ESG issues, and climate change in particular, with more traditional activists who were galvanised by the oil majors lengthy track record of poor performance. Engine No. 1 cleverly exploited those two strands of discontent.
The outcome, however,…
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