Climate change activists scored a victory this week when a majority of Phillips 66 investors voted in favor of a proposal that requires the energy company to report on certain health risks associated with its petrochemical business. While a small win, it pushes this year’s tally of successful climate proposals to three, up from zero in 2019, Reuters reported. Barclays investors, meanwhile, voted down a climate proposal, but activists could still claim a partial victory after management’s own climate plan passed. While activists in this space are gaining ground, management teams, especially at larger corporations like Exxon Mobil, are also succeeding in pushing back. The company blocked six climate resolutions proposed for the May 27 ballot.
This week though, three Exxon Mobil investors – The New York State Common Retirement Fund, The Church Commissioners for England and Legal & General Investment Management – kept the pressure on, calling for the company to split the CEO and chairman roles.
In activism news, Elliott Management laid out two paths for Evergy back in January: path 1 – invest in the business; path 2 – pursue a merger. Path 2 appears to be winning out, as Bloomberg reported that the energy company is preparing to sell itself.
Stay safe and have a good weekend,