ESG isn’t dying. It’s getting voted out
Exxon Mobil shareholders voted to move the company's legal home to Texas, despite opposition from major proxy advisory firms. This decision reflects a growing sentiment among investors prioritizing financial returns over ESG initiatives. The trend indicates a significant shift in corporate governance, with many shareholders rejecting ESG proposals in favor of traditional business practices.
- ▪Exxon Mobil's shareholders approved the move to Texas with 71.3% support.
- ▪Major proxy advisory firms ISS and Glass Lewis recommended voting against the measure.
- ▪ESG shareholder proposals have dropped by 47% during this year's proxy season.
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When Exxon Mobil shareholders voted this week to move the company’s legal home to Texas, they did so over the explicit objections of the institutional establishment. The measure passed with 71.3% approval, even though ISS and Glass Lewis, the two firms controlling 97% of the proxy advisory market, recommended voting against it. Shareholders voted yes anyway. Recommended Stories Gerrymandering as an art form: The root of our intense redistricting fight California’s wacko wealth tax The FAIR Labels Act isn’t fair. It’s a red flag for food innovation Somewhere in the bowels of a San Francisco foundation office or a liberal D.C. think tank, analysts are likely already framing this outcome as a temporary setback, a mere blip on the radar.
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Excerpt limited to ~120 words for fair-use compliance. The full article is at Washington Examiner.
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