Washington Post (February 20)
“As it stands today, even the most heralded investor activism has done next to nothing to move the needle…. Somehow activists missed that each share a green investor sells is purchased by somebody with lesser green credentials, less interest in climate change. This substitution could actually lead to more rather than fewer carbon emissions.”
Tags: Activists, Carbon emissions, Climate change, Green investor, Heralded, Investors, Sells, Share, Substitution
New York Times (October 24)
“To oil analysts and investors, Chevron’s $53 billion takeover of Hess confirmed that there’s a new cycle of consolidation in the industry, coming less than two weeks after Exxon Mobil’s $59.5 billion bid for Pioneer Natural Resources.” In spite of “pressure from climate-minded policymakers, investors and activists to embrace greener energy,” the majors are “instead focusing on getting bigger. That could create a larger gap in the industry between those who have the firepower and freedom to buy rivals, and those who, because of politics or finances, do not.”
Tags: Activists, Analysts, Chevron, Climate-minded, Consolidation, Exxon Mobil, Firepower, Freedom, Greener energy, Hess, Investors, Majors, Oil, Pioneer, Policymakers
BBC (May 24)
“Climate protesters stormed Shell’s annual shareholder meeting in London, with security having to step in to protect board members.” The protestors, activists and other “campaign groups are looking to ramp up the pressure on Shell and other energy companies to bring forward those targets to absolute carbon emissions cuts by 2030 and focus more resources on renewables.” The proposed targets were, however, “rejected in a vote by shareholders at the meeting.”
Tags: 2030, Activists, Annual meeting, Board members, Carbon emissions, Climate, Energy, London, Pressure, Protect, Protesters, Rejected, Renewables, Resources, Security, Shell, Targets, Vote
Financial Times (December 23)
In a “win for activists that signals trouble for other US companies,” the SEC “has rejected Apple’s petition to block three shareholder proposals from going to a vote at its next annual meeting…. Last month, the regulator changed its policies to make it harder for companies to win regulatory support to reject investor petitions.”
Tags: Activists, AGM, Apple, Investor, Petition, Petitions, Policies, Regulator, Reject, SEC, Shareholder proposals, Signals, Trouble, Vote, Win
Bloomberg (June 15)
“If Toshiba Corp. tried to bully hedge funds through the government, that’s a bad look all around. The only parties who come off well are the activists the company allegedly aimed to suppress…. In the end, it looks like activist hedge funds aren’t so big and bad after all. They’re doing what they’re supposed to do. Now it’s open season for Japan Inc.”
Tags: Activist, Activists, Bad look, Bully, Government, Hedge funds, Japan Inc., Suppress, Toshiba
Financial Times (June 6)
“The Japanese AGM season will provide rapidly digestible evidence of three things: how empowered activists feel, how awkward the big institutions feel about backing them, and how threatened managements feel by both of those.” The results are unlikely to show real change. “Despite the appearance of change, half of Japanese stocks still trade below book value and carry not just a record value of cash as a proportion of equity, but the largest such ratio in developed markets.”
Tags: Activists, AGM, Appearance, Awkward, Book value, Cash, Change, Empowered, Evidence, Institutions, Japan, Managements, Stocks, Threatened
Financial Times (May 28)
ExxonMobil’s annual general meeting should be “a wake-up call for other executives with a bunker mentality.” Engine No 1, an obscure hedge fund, got shareholders to elect two directors by focusing on economics, not ethics, arguing that “Exxon has been so slow to recognize the need for a transition away from fossil fuel that its revenues will crumble, destroying investor capital.” Today’s activists “are not just trying to save the world; they are also trying to save their own portfolios in a world where regulators are enforcing green standards.”
Tags: Activists, AGM, Bunker mentality, Capital, Directors, Economics, Engine No 1, Ethics, ExxonMobil, Fossil fuel, Hedge-fund, Investor, Portfolios, Revenues, Shareholders, Transition, Wake-up
Institutional Investor (March 9)
“Shareholder activists pulled in their horns in 2020, targeting 10 percent fewer companies than in 2019 and winning 16 percent fewer board seats.”
Tags: 2019, 2020, Activists, Board seats, Companies, Fewer, Shareholders, Targeting
Financial Times (March 2)
“ExxonMobil appointed two new board directors yesterday, its latest move to placate activist shareholders pushing for an overhaul after the US oil super-major suffered its worst year on record.”
Tags: Activists, Appointed, Board directors, ExxonMobil, Oil, Overhaul, Placate, Shareholders, U.S.
Wall Street Journal (March 9)
“The biggest activist hedge funds are jumping on the wave of socially responsible investing.” The “latest latest trend in shareholder activism” is strategic. “Highlighting ESG could help activists win the support of the big funds that is crucial to their success—and ignoring the issues could make their backing harder to win”.
Tags: Activists, Backing, Hedge funds, Shareholders. ESG, SRI, Success, Trend, Win
