Drilled The Coordinated Attack on Shareholder Activism
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May 18, 2024 Andrew Behar, CEO of As You Sow, discusses the surge of lawsuits against shareholder activism and the pushback faced. Topics include Exxon lawsuit, challenges in transitioning to sustainable energy, and strategies to counter anti-ESG actions.
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Exxon vs. Arjuna Capital
- Exxon sued Arjuna Capital after a shareholder resolution on climate disclosure.
- Arjuna withdrew the resolution, but Exxon continued the lawsuit to set a precedent.
Anti-ESG Focus
- The anti-ESG campaign centers around suppressing shareholder activism.
- This activism pushes for better environmental and social practices within companies.
Shareholder vs. Stakeholder Capitalism
- The 2019 Business Roundtable decision marked a shift from shareholder primacy to stakeholder capitalism.
- This change acknowledges that short-term profit maximization can harm long-term value.