Activism Archive

Aug 27, 2021
The week in investor relations: Box in fight with Starboard Value, call to end fossil fuel listings in London and SEC probes asset manager over ESG claims
­– Reuters reported that ISS-backed cloud storage vendor Box in its fight with activist investor Starboard Value by recommending that shareholders vote for the company’s directors instead of the hedge fund firm’s nominees. In its report, ISS said shareholders should vote for Box directors Peter Leav and Aaron Levie, arguing that the existin...
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Jul 30, 2021
New investor campaign targets 50 food companies over emissions reductions
A new investor campaign has called on North American food companies to take stronger action over climate change as the buy-side focus on reducing emissions shifts beyond the oil and gas sector. The initiative, coordinated by sustainability non-profit Ceres, has published a list of 50 ‘high-emitting’ food and agriculture companies alongside an analysis of their Scope 3 emissions and reduction targets. Most of the companies are ‘lagging in key areas that ...
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Jul 29, 2021
Shareholder activism down at half year mark
The number of companies targeted by an activist during the first half of the year was at its lowest level in more than six years, according to Insightia’s half-year shareholder activism review.   Between January 1 and June 30 this year, 518 companies were targeted by activist investors. This is a notable decrease compared to the first half of 2020, when 594 companies were...
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Jun 03, 2021
Issuers exploring ‘other avenues’ of communication in activism defense, advisers say
As activist activity shows signs of picking up relative to last year, there’s scope for issuers to learn lessons from the forced adoption of one-to-many digital communications, advisers say. In 2020, shareholder activists pulled back from planned campaigns, with the fewest number of campaigns waged against public companies since 2015, according to data from Activist Insight. But that pent-up energy has been put toward campaigns this season, advisers say....
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May 27, 2021
Activist nominees elected to ExxonMobil board
ExxonMobil acknowledged that shareholders at its AGM yesterday voted to install two director nominees from activist investor Engine No 1. In a statement available at the time of writing, the company says that based on preliminary vote estimates shareholders elected eight ExxonMobil nominees to the board and that vote results for five nominees are too close to call. One of Engine No 1’s nominees was not elected, according to the energy company. Shareholders...
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May 13, 2021
Support for BP climate resolution more than doubles
A ‘significant’ number of shareholders (20.7 percent) voted in support of a proposal calling on BP to set tougher emissions targets at its AGM yesterday. While this is a rejection of the proposal and far off a majority, it is more than double the 8.4 percent support garnered by the last proposal put forward at the company by climate activist Follow This in 2019. Follow This called on BP to publish short, medium and long-term targets to reduce emissions that are ...
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Apr 06, 2021
Say on climate builds momentum
Inspired by say-on-pay voting, a British activist hedge fund is calling on companies to publish a climate transition plan and give shareholders a vote on the contents. The Children’s Investment Fund (TCI), headed by billionaire investor Sir Christopher Hohn, wants hundreds of companies to hold say-on-climate votes within the next two years. So far, only a handful of companies have embraced the idea, but they include major names such as Unilever, Rio Tinto and Roy...
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Feb 19, 2021
The week in investor relations: Republicans fight Nasdaq diversity plans, flying taxi fraud denial and a 30-year high in Japan
– Republicans on the US Senate Banking Committee urged the SEC to reject a proposed rule from Nasdaq requiring public companies to adopt new racial and gender diversity standards for their boards, according to Bloomberg. They argue Nasdaq should not use its ‘quasi-regulatory authority to impose social policies’ and say the p...
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