The Proxy War Against Proxy Advisors

Cappucci, Michael

doi:10.2139/ssrn.3488427

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Percentage Of Votes For Given Director1

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2021

2022

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Cited by 2 publications

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“…They usually represent a large share of the voting power at AGMs. Often, however, they simply support management and rarely follow shareholder proposals (Cappucci 2019). Here also, there is space for more transparency and regulation.…”

Section: Percentage Of Votes For Given Directormentioning

confidence: 99%

Shareholder engagement for climate change: Lessons from the ExxonMobil vs Engine No.1 proxy battle

Naef¹

2022

Preprint

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This paper offers a case study of how a small shareholder managed to impose three more climate-conscious directors on the board of ExxonMobil, one of the world’s largest scope 3 CO2 emitters. This concrete approach to fossil fuel companies’ transition might prove useful for climate change mitigation. The policy has the advantage to work in a vacuum. It has positive impacts on emissions regardless of what other actors do, unlike policies such as global carbon taxes or large-scale divestment, which need more coordination. But it comes with limitations. I find that the proxy campaign led to more attention for the hedge fund running the campaign. It was used as a marketing tool. Despite the limitations, proxy battles could prove a useful approach to pragmatic climate change approaches.

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Section: Percentage Of Votes For Given Directormentioning

confidence: 99%