On Wednesday, May 26th, our economy was dealt a major blow. The oil industry came under attack at three neural points at once. Royal Dutch Shell lost an absurd court case in the Netherlands, Exxon got two of their directors ousted from their executive board and Chevron committed to reducing the consumption of their own product. All of the three blows were delivered by hysteric climate activists.
The Dutch court referred to Shell’s obligation to the government’s ‘Climate Plan’ to reduce CO2 emissions, including ‘Scope 3 emissions.’ Scope 3 stands for the consumption of fossil fuels. The court demands that the business seeks to change the behaviour of their customers with the effect of lowering the demand for its own product.
On the same day Chevron’s shareholders (stockholders in US English) voted on their general convention to cut said Scope 3 emissions voluntarily. Other climate policy moves were only voted down narrowly with 52% (rejections and abstentions).
Meanwhile, Exxon lost two of its executives during it’s own general convention. Activist Hedge Fund ‘Engine No. 1’ led a ‘proxy fight’ to ‘harness the power of capitalism.’ They managed to get large investors such as Black Rock, D.E.Shaw, CalPERS, CalSTRS and the NY State Common Retirement Fund behind their move. Proxy advisory firms ISS and Glass Lewis helped organise the support for the placement of environmentalists right on the executive board of Exxon.
Forbes, Reuters, Houston Chronicle, Bloomberg, MSN, LA Times, gizmodo, court verdict, engine no.1, Dutch climate law
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