Four Tesla directors to leave in governance overhaul | Financial Times

Tesla disclosed that four of its directors are to step down as part of a governance overhaul at the electric car maker, following criticism in recent months of the board’s failure to exert more control over chief executive Elon Musk. The shake-up was announced late on Friday, and came after the company’s new independent chairwoman,…

Shareholder Proposal Calls on Exxon to Disclose Lobbying Expenses and Policies

To ExxonMobil Shareholders: The United Steelworkers International Union (USW) urges shareholders to vote FOR Item 10, Report on Lobbying at the ExxonMobil Shareholder Meeting on May 29, 2019. The proposal, Item 10, calls on ExxonMobil to prepare a report, to be updated annually, disclosing: 1) ExxonMobil’s policies and procedures governing lobbying, both direct and indirect,…

Most oil giants still fighting shareholder pressure to address climate

VEA Vice Chair Nell Minow is quoted in this article about the disconnect between what fossil fuel companies tell their investors and customers they believe on climate change and what they actually do. The world’s largest oil companies, including Exxon, Shell, Chevron, ConocoPhillips and BP, are responding to that pressure in varying degrees. Some are…

A Professor Filed a Shareholder Lawsuit to Restrict Shareholder Rights

“An enormous zeal for the overdog” — a good description of this effort to get the shareholders of J&J to waive their right to file shareholder lawsuits — permanently. Over the past two years, some senior officials at the Securities and Exchange Commission have indicated that they would be open to corporations foisting mandatory arbitration on…

CEO Stock Options Drive Income Smoothing

[A] new study finds that to a large extent, [any benefit from income “smoothing”] actually depends on the relative volume of stock and stock options held by the CEO. Prior research has offered two competing explanations for corporate income smoothing, notes the study, “Managerial Equity Holdings and Income-Smoothing Behavior,” published in the spring issue of…