Do you think once they lose Engine 1 and others like them will continue to pester the company each year now?
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There was a set of Catholic nuns that presented EM proxy challenges for more than a decade or more.
Can't remember all the details but separating CEO and Chairman was on the list.
These ladies had sworn a vow of poverty, but they kept trying.
This was back when EM was the largest and most profitable company on the planet.
Yes - strong well-funded proxy challenges of EM management will continue.
It is chum in the water now.
Ya’ll think Engine No 1 would have invested $35 million at 60 $/share? Probably not.
Depends on many things. Three examples. First, how close is the vote. Second, EM near-term performance and whether it satisfies shareholders that EM recovery is sustainable. Third, whether overall sentiment of country and businesses tire of cancel culture and extremist environmental pressures.
DW’s weak leadership will diminish as factor if EM can perform in spite of him. Same for morale at EM. Wall Street still cares mostly about results. If EM slips and stalls, leadership and morale might gain some traction, but stock price is king.
The answer is "Yes" until XOM starts rowing in the boat with BP, Shell, Total, and Chevron (the other four supermajors).