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What’s going on with Exxon?
Posted on 3/23/21 at 9:47 pm
Posted on 3/23/21 at 9:47 pm
Got my dividend check on time and the usual amount. A week later (today) I get what looks like the normal proxy material...but it also contains a full color flyer urging me to vote the entire board of directors out.
This post was edited on 3/24/21 at 8:02 am
5
Posted on 3/23/21 at 9:51 pm to Spankum
quote:Activist investor. Engine 1.
but it also contains a full color flyer urging me to vote the entire board of directors out.
Posted on 3/23/21 at 10:10 pm to castorinho
quote:
Engine 1.
It in fact, does say “engine 1” in small letters on the envelope. If it is activists, they have their shite together. I am shocked at how much it looks like the company’s proxy material. What I want to know is, how the frick did they get my info to mail it to me.
Posted on 3/23/21 at 10:31 pm to Spankum
Jeff Ubben is his name I'm guessing.
Posted on 3/23/21 at 10:52 pm to Spankum
An activist company, Engine 1,is trying to force a green energy business model on an oil company.
Article and robust thread about it on Seeking Alpha.
One post sums it up:
"The problem is these groups like Engine 1 want to force their way or the highway. If renewable energy is good enough, energy companies will progress towards it naturally. If greenies want change, they should focus their effort on making green better instead of on fighting and thieving."
Seeking Alpha Exxon vs. Engine 9
Exxon has posted info about the multiple proxies and clarifies which one supports retaining the board of directors and the company continuing to develop oil and gas holdings.
Exxon shareholder letter
Article and robust thread about it on Seeking Alpha.
One post sums it up:
"The problem is these groups like Engine 1 want to force their way or the highway. If renewable energy is good enough, energy companies will progress towards it naturally. If greenies want change, they should focus their effort on making green better instead of on fighting and thieving."
Seeking Alpha Exxon vs. Engine 9
Exxon has posted info about the multiple proxies and clarifies which one supports retaining the board of directors and the company continuing to develop oil and gas holdings.
Exxon shareholder letter
Posted on 3/24/21 at 8:25 am to DeCat ODahouse
Here's some of Jeff Ubben's quotes, who's also on the board.
June 23, 2020
LINK
June 23, 2020
quote:
“Companies, as governed today, with investors asking for more current returns and more buybacks and so forth, aren’t working for society or nature,” he said. “But I have to prove that there’s a return [in long-term impact], because otherwise?.?.?.?you’re not really changing anything.”
quote:
“Finance is, like, done. Everybody’s bought everybody else with low-cost debt. Everybody’s maximised their margin. They’ve bought all their shares back?.?.?.?There’s nothing there. Every industry has about three players. Elizabeth Warren is right.”
quote:
Pushing companies to tackle environmental and social issues, on the other hand, can create big returns, he said. “When you’re talking about addressing climate change with a business solution, that is the biggest problem in the world. That’s like a 10-times-your-money deal.”
LINK
quote:
He’s leaving to start a new hedge fund, Inclusive Capital Partners, with co-founders like the investor Lynn Forester de Rothschild, who’s focused on — you guessed it — “inclusive capitalism.” The new firm is focused on environmental and social impact investments. (Mr. Ubben will still manage ValueAct’s $1 billion impact fund as well … for now. More on that below.)
• Definitions can be squishy, but assets tied to socially responsible investment are generally estimated at around $12 trillion in the U.S., out of $30 trillion worldwide.
quote:
The hedge fund mogul conceded that he’ll need to find “courageous C.E.O.s and boards,” and added, “I think we’re going to have to fire our shareholders. We’re going to have to find new shareholders, shareholders that want to be focused on the long term.”
This post was edited on 3/24/21 at 8:27 am
Posted on 3/24/21 at 8:27 am to Spankum
When is the vote? This is the one time I will actually exercise my shareholder vote.
Posted on 3/24/21 at 8:28 am to Spankum
As others have said it's a hostile contested board election by some tree huggers.
However they recommend for you to vote on their proxy statement, vote the opposite and you'll be voting with the existing board.
However they recommend for you to vote on their proxy statement, vote the opposite and you'll be voting with the existing board.
Posted on 3/24/21 at 10:20 am to GREENHEAD22
quote:
When is the vote? This is the one time I will actually exercise my shareholder vote.
Voting is open now. Apparently, this group of shysters sends out duplicate proxy cards that looks exactly like the notice that the company sends out.....except when you vote per their recommendations, you are actually voting for the board to be replaced. Apparently, Exxon will send out their literature, too...but the fake literature arrived first.
If I hadn’t read it carefully, I would have fallen for that shite.
Posted on 3/24/21 at 11:01 am to Spankum
Seems like they should be charged with fraud for this scam.
Companies need to focus on making their business work as well as it can, not screw around in social engineering and eco-nuttery.
Companies need to focus on making their business work as well as it can, not screw around in social engineering and eco-nuttery.
Posted on 3/24/21 at 11:09 am to Spankum
I am seeing the meeting is May 26th, is there a way to vote early? I dont recall seeing any mail or email for it. The Mrs. could have chunked it though.
Apparently they are sending out Blue Proxy cards, has anyone received one? . Company info in the link. XOM wants you to vote BLUE
VOTED - I found it in my emails.
Apparently they are sending out Blue Proxy cards, has anyone received one? . Company info in the link. XOM wants you to vote BLUE
VOTED - I found it in my emails.
This post was edited on 3/24/21 at 11:25 am
Posted on 3/24/21 at 11:14 am to Spankum
quote:
If I hadn’t read it carefully, I would have fallen for that shite.
If anyone has been confused (duped) by the Engine 1 proxy, shareholder's votes can be changed up until the deadline.
Online voting is quite straightforward.
If you vote by mail, I'm sure you could arrange thru shareholder services to have another ballot sent.
According to the Exxon shareholder Voting site:
Votes can be changed until the voting deadline.
Vote by May 25, 2021 11:59 p.m. EDT
Posted on 3/24/21 at 6:33 pm to DeCat ODahouse
I got the real Exxon literature in the mail today and voted their recommendations...I threw the Little Engine That Could’s literature in the garbage, where it belongs.
As another poster said, the real proxy card is blue....if you’ve got white, that’s the imposters card.
As another poster said, the real proxy card is blue....if you’ve got white, that’s the imposters card.
Posted on 3/24/21 at 10:59 pm to tiggerthetooth
quote:
The hedge fund mogul conceded that he’ll need to find “courageous C.E.O.s and boards,” and added, “I think we’re going to have to fire our shareholders. We’re going to have to find new shareholders, shareholders that want to be focused on the long term.”
This guy is a complete wealthy idiot. No one needs to go green. Go green for what? Global warming was a hoax. They changed it to climate change when their hoax was discovered. Man cannot change the global climate, if man could do that that, this planet would have a temp between 68 and 72F 24/7.
Do they even know how much it costs to keep a house climate controlled to 72F 24/7? It is highly expensive.
He needs to read Astrometria.
Posted on 3/25/21 at 6:38 am to DeCat ODahouse
I recommend voting for the board members individually. This link has info on each board member for Exxon. I try to do this with my BOD votes, particularly the big companies. It takes a little time but I get a certain level of satisfaction voting against Al Gore (on Apple's board) and people like him that have an agenda and know nothing about the business they are directing.
XOM BOD
XOM BOD
Posted on 3/25/21 at 8:36 am to CajunTiger92
quote:
It takes a little time but I get a certain level of satisfaction voting against Al Gore (on Apple's board) and people like him that have an agenda and know nothing about the business they are directing.
Also voted against AlgorePosted on 3/25/21 at 9:01 am to CajunTiger92
quote:
I recommend voting for the board members individually.
I would like to vote against Jeffery Ubben on the current board's recommended list, but am worried about the ramifications of not voting the full slate of Exxon's recommendations on the first ballot given the challenge of Engine 1.
To sum it up:
I would hate to vote against one token dipsh*t, only to pave the way for a floorfight that gives all of Engine 1's dipsh*ts an opening at the shareholder meeting.
If anyone has any insights into the procedures/ shareholder strategy in this scenario, it would be much appreciated.
Posted on 3/25/21 at 9:50 am to Spankum
quote:
What I want to know is, how the frick did they get my info to mail it to me.
If your holdings are in your name they have the info.
Posted on 3/25/21 at 2:04 pm to DeCat ODahouse
I don't have any additional insight but I voted for all of the ones on Engine 1s hate list (I did this before looking at the Engine 1 list). The ones I voted to withhold aren't on their list. Now I'm wondering if I should withhold others if they aren't on the hate list. 
Posted on 5/26/21 at 1:49 pm to Spankum
Update: Shareholder vote results are in.
According to CNBC
Engine No. 1 wins at least 2 Exxon board seats as activist pushes for climate strategy change.
Apologies for CNBC link, but other sources have paywalls
According to CNBC
Engine No. 1 wins at least 2 Exxon board seats as activist pushes for climate strategy change.
Apologies for CNBC link, but other sources have paywalls
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