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May 31, 2024

Why Exxon vote is not a victory for shareholder rights

Exxon says the lowest level of support for any individual board member was 87%, compared with 91% in 2023 © Jim Watson/AFP via Getty Images
Exxon says the lowest level of support for any individual board member was 87%, compared with 91% in 2023 © Jim Watson/AFP via Getty Images

Despite multiple large institutional investors voting against ExxonMobil directors, its board was reinstated with a big majority — and its potentially ‘devastating’ court case remains in play

In the run-up to ExxonMobil’s annual meeting on May 29, a major upset was predicted when several large institutional investors, including the California Public Employees’ Retirement System, the California State Teachers’ Retirement System and Norges Bank Investment Management, indicated they were going to vote against some or all of its proposed board, in protest at the energy company’s handling of shareholder rights issues. 

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