First Exxon, now Shell. The U.K. oil giant is now the target of Dan Loeb’s overseas activism push. Activism in industries is contagious. Third Point’s investment in the company also puts a spotlight on the ESG activism that has been building up, year after year, across sectors. According to an analysis by proxy solicitor Georgeson, thirty-three environmental proposals won the backing of most voting shareholders this year, compared to eighteen in 2020. Exxon went to a vote with a first-time activist. Shell is just getting started with one of the best-known names in the business.
Sticking with activism, GlaxoSmithKline's (GSK) battle with Elliott Management moved to the board room this week, after GSK nominated a new director ahead of the planned spin off of its consumer healthcare division. GSK is under pressure from both Elliott and activist Bluebell Capital Partners, the hedge fund that pushed for change at Danone. Wolfpacks roam in Europe as they do in the states.
Have a great weekend,
Mike and Chris