[1670] Of a company’s only responsibility is to its shareholders but…
May 28th, 2008 by Hafiz Noor Shams
It could be the nuclear option to silence rebellious investors. A libertarian activist has hit back at ExxonMobil’s environmental critics by tabling a resolution that would outlaw shareholder social activism.
The Free Enterprise Action Fund, which controls $11m (£5.5m) of assets, has proposed amending Exxon’s articles of association to prevent the oil company’s shareholders from putting forward advisory resolutions at annual meetings.
The fund’s managing partner, Steven Milloy, opposes a coalition led by the Rockefeller family that is calling on Exxon to pay more attention to global warming. “They’re not bona fide shareholders,” Milloy says. “They’re not shareholders who are invested in Exxon because they think it’s a good investment – they’re shareholders who want to use Exxon to advance their social and political agenda.” [Exxon investors propose ban on green activism. Guardian. May 27 2008]
Looks like somebody in Exxon could not stand it anymore.
Related entries:
[452] Of Bhopal 20 years on[1114] Of KKR at the gate
[1826] Of the stock market offers minimum risk?
[1791] Of popular capitalism is nothing less than a crusade
[2216] Of solution to Methodist Church’s fear of politicization
[2084] Of not humored by the accusation of Malayan imperialism
[1784] Of the process that entails defection
[1614] Of free water and personal responsibility
[1515] Of boogeyman stay away. We have CCTVs!
[102] Of letter from Dow Chemical on Bhopal
