June 15, 2023 | Editor: Martin Wennerström
Exxon and Chevron AGMs
reject climate proposals
The AGMs of Exxon Mobil and Chevron have rejected a slew of climate-themed shareholder proposals, signaling a setback for activists pushing for more aggressive emission reduction targets. Exxon shareholders rejected all 12 climate-related resolutions put forward by investors, including calls for the company to align its business with the goals of the Paris Agreement. Similarly, Chevron shareholders rejected three proposals to cut emissions and increase transparency. The shareholder votes contrast with those at European oil companies, where climate-themed resolutions gained more support.
Comcast shareholders reject ESG resolutions
Comcast shareholders have rejected a proposal requesting short- and longterm GHG reduction targets, as well as a resolution requesting a report on the impact of climate-related risks on its default retirement savings plans. In addition, a proposal requesting a report on political contributions and their alignment with the company’s values and practices failed to gain support among shareholders. Earlier this year, Comcast asked the SEC for a no-action relief if it omitted the shareholder proposal on climate risks in default retirement options. The company argued that the proposal concerns “ordinary business operations” and that the board is thereby not responsible for the management of the plans.
Netflix say-on-pay vote fails at
Netflix shareholders have rejected a non-binding proposal on executive compensation. According to company documents, CEO Ted Sarandos could earn up to USD 40 million in 2023, including annual incentive and equity compensation, while new co-CEO Greg Peters could receive close to USD 34 million. Prior to the AGM, the Writers Guild of America had urged the company’s shareholders to oppose the say-on-pay proposal in solidarity with the Hollywood writers’ strike. The 2022 AGM also saw high dissent on remuneration practices, with only 27% of votes cast in favour of the say-on-pay resolution.
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Governance in Brief – June 8, 2023
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Governance in Brief – June 1, 2023
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Governance in Brief – May 25, 2023
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