Exxon Mobil Confronts Climate Change Fight at Annual Meeting: Live Update

Credit …Peter Dzong / Associated Press

Exxon Mobil An annual shareholder meeting on Wednesday will face a major challenge over its climate change policies as activists contest one-third of the company’s board.

A coalition of investors concerned about the environment has argued that Exxon Has not invested enough in clean energy, which will hurt its profits in the future.

These investors argue that the company should follow European oil companies like BP and Total who have started investing heavily in renewable energy such as wind and solar power.

Engine No. 1, the hedge fund that spearheaded the campaign, is trying to defeat the election of four directors of the company and has proposed four of its candidates. The victory of any of his candidates will be a harsh rebuke for him. Darren W. Woods, President and Chief Executive Officer of Exxon. Some large pension funds have joined Engine No. 1, including the New York State Common Retirement Fund and the California Public Employees Retirement System, which was launched last year.

“We listen, and we listen,” Mr. Woods said in an interview, in which he tried to take a conciliatory tone. “We don’t always agree, but we always understand that there is an opportunity to improve.”

Exxon has argued that its investment in carbon capture and storage, including a proposal to capture emissions from industrial plants along the Houston Ship Channel, suggests the company is changing its approach to climate change. This week, it announced that it would add two new directors to the board, including a climatologist, but it is not committed to investing in renewable energy.

Engine No. 1 rejected the move, saying, “This vote is too important to be influenced by this kind of cynical, last-minute maneuver.”

The last shareholder meeting could be eventful for Jeff Bezos as Amazon's chief executive.
Credit …Michael Nelson / EPA, via Shutterstock

Investors of Amazon are gathering virtually on Wednesday for the company’s annual shareholder meeting. There is a lot to discuss, according to Dealbook newsletter: Good, bad and ugly (from Amazon’s management point of view).

E-commerce giants Bumper profits Three major developments are likely to be affected: Reports that the company is making a costly bet on Hollywood Studios MGM, a series of shareholder proposals that the company’s directors do not want to pass, and an antitrust lawsuit have been filed against the company. Landed on Tuesday.

Is amazon Asked to consider Spent $ 9 billion to acquire MGM, which would buy classic films such as “Rocky” and “Singin ‘in the Rain” as well as the James Bond franchise. If a deal happens, approval from regulators will depend on Amazon’s argument that it is a small player in entertainment. (Leena Khan, nominated for FTC, awaiting Senate confirmation Made her name with a paper About Amazon’s alleged mistrust of abuse.)

Proponents of many shareholder proposals, all opposed by Amazon’s management, say their aim is to build the company A better corporate citizen, Reacting to allegations of labor and environmental abuse. New York State Pension Fund is asking Amazon to conduct an independent Racial equity audit Of its practices related to civil rights, equality, diversity and inclusion. (Call for racial audit has been a feature Multiple shareholder meetings Recently.)

Another proposal would prevent Jeff Bezos from heading the board of Amazon after stepping down as chief executive this year.

District of Columbia Sue amazon on tuesday, Accusing the company of effectively restricting sellers on its site to charge lower prices elsewhere for the same products, which raised prices in Amazon and beyond. “Amazon has used its dominant position in the online retail market to win at all costs,” said Carl Racine, the district’s attorney general.

It is presumed that this is the first antitrust lawsuit against Amazon by the authority of the US government, but because it is based on local rather than federal law, its effect may be limited even if successful. Nevertheless, Mr. Racine’s argument is “both old-school and novel, and it can become a blueprint for reducing Big Tech power,” wrote Shira Ovide, Times on Tech columnist.

Credit …Richard Drew / Associated Press

Fox News entered the streaming video market in November 2018 Fox nation, A digital subscription service that now includes hundreds of hours of original programming, including political commentary, documentaries and travel specials such as “Castle USA”, with host Jeanine Piro touring the palace across the country.

Until now, the network had opposed the re-airing of its major prime-time shows on the streaming service. In a significant change in digital strategy for the channel owned by Rupert Murdoch, it is set to change next week.

Starting June 2, episodes of “Tucker Carlson Tonight,” “Hannity” and “The Ingram’s Angle” will be available on demand on Fox Nation the next day after being shown live on cable. “This change will add incredible value to customers,” Fox Nation President Jason Clarman said in a statement on Tuesday.

Fox News initially had reasons to avoid copying its traditional TV programming on Fox Nation. The channel earns significant revenue from cable distributors who pay to broadcast Fox News. And the network has the largest number of weekday viewership in cable news; Viewers switching to watch the program on Fox Nation will not be counted by Nielsen.

However, other networks have seen benefits from making their cable programs available in digital locations. Shows can attract new subscribers and increase their viewership to younger viewers who prefer streaming services.

Fox Nation’s monthly subscription costs $ 6. The network has refused to share its total number of subscribers. Lachlan Murdoch, executive chairman of Fox Corporation, said on a recent earnings call that the first quarter of 2021 generated Fox Nation’s “most customer acquisition since launch”.

The District of Columbia said in a lawsuit that Amazon has stopped merchants who use its platform to charge lower prices elsewhere for the same products online.
Credit …Angela Weiss / Agency France-Press – Getty Images

The District of Columbia on Tuesday claimed in a complaint that the vast online market was artificially inflating the prices of products by misusing its monopoly power.

The legal action is believed to be the first government antitrust lawsuit against Amazon in the United States, reports David McCabe, Karen Weisz and Cecilia Congo of the New York Times.

Here’s what you need to know:

“Amazon has used its dominant position in the online retail market to win at all costs,” said Attorney General Carl Racine of the District of Columbia. “It maximizes its profits at the expense of third-party vendors and consumers, while harming competition, inhibiting innovation and illegally tilting the playground in its favor.”

“This is absolutely backwards – sellers set their prices for the products being offered in our stores,” said Jodi Seth, an Amazon spokesperson, in a statement. He said that Amazon had “those Reserves the right not to highlight offers to customers whose prices are not competitive. “

Amazon has attracted the attention of critics due to the widespread nature of its business. It operates a major web hosting operation and a streaming platform that competes with Netflix and Hulu, and has expanded into brick-and-mortar grocery stores 2017 Whole Foods Acquisition. But the lawsuit, filed by Mr. Racine, a Democrat, concerns the core of its business: the online marketplace for outside merchants that account for more than half of the products it sells.

  • Australians will have some of these Great idea “Super Blood Moon” this week, but the status of passengers on a one-time flight departing from Sydney was even better. Australian Airline Qantas During the total lunar eclipse operated a three-hour flight on Wednesday (Tuesday evening in the United States) for about 100 passengers to allow the moon to enter the Earth’s shadow and turn the blood red. This month, tickets started selling for 499 Australian dollars (about $ 386) for the economy class and 1,499 Australian dollars (about $ 1,162) for the business class. Stamps sold In less than half an hour.

Senator Sherrod Brown, a Democrat from Ohio, is the chairman of the Senate Banking Committee.
Credit …Andrew Hornick / Associated Press

Chief executives of the six largest US lenders will testify before this Senate Banking Committee For the first time on Wednesday, the committee has summoned all the top bankers. Since the 2008 financial crisis. (They will also appear in House Committee on Financial Services On Thursday, for the first time since 2019.)

At Senate hearings, Ohio’s Democrat and committee chairman Sherrod Brown has promised to pressure bank chiefs on a number of topics, sending them a list of questions on topics including the risk of their assets, the diversity of their work forces. , Actions on climate change, pledges on racial equality and more. This can make for an unrelated hearing as senators come from issue to issue, trying to catch the chief officers off guard or are not ready.

Their prepared testimony addresses the committee’s questions in varying depth and detail, all while making the case that their institutions are healthier, safer and more law-abiding than 2008.

  • Jamie daemon JP Morgan Chase turned into one Nine page paper Urged business, government and society to remove inequalities and “highlight the extraordinary vibrancy of the American economy.”

  • Jane fraser Preparation for citigroup 11 pages (And a Three page appendix With data and tables) that note his bank’s approach to cryptocurrency, noting that it is “focusing resources and efforts to understand changes in the digital asset space.”

  • James gorman Morgan Stanley gathered a 20 page report With a few frills that include a brief introduction and answers to each question in sequence.

  • Charles sharf of Wells Fargo And David solomon Of Goldman Sachs Each produced a massive 15 pages on environmental, social and governance issues.

  • Brian Moynihan Bank of America had the most to say 32 pages Who devote too much space to the “responsible development” principles of the bank. “We accept our dual responsibility to drive both profit and purpose,” he wrote.

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