Section: April 25, 2024 | Vol. 29, Issue 16
Liberty Energy Retains Majority-Opposed Director
?Liberty Energy, a co-plaintiff in recent successful litigation to stay the SEC's climate disclosure rule, disclosed April 19 that director Ken Babcock received more "withhold" votes than "for" votes at its April 16 annual meeting.
Executive Pay at Largest Companies Continues to Climb, Equilar Study Shows
The 2024 edition of the Equilar 100 indicates that CEO pay in 2023 outpaced the previous year’s growth thanks to a big jump in stock award value, and the only two pay components that saw a decline in 2023 were perks (down 21.8% to $358,467) and base salary (down 0.7% to $1.4 million).
Shareholders Address Workplace Safety and Health in Principles and Proposals
Shareholders are continuing to focus on workplace safety and health this proxy season. The New York State Common Retirement Fund just adopted Responsible Workforce Management Policy and Principles and the number of shareholder proposals addressing workers’ health and safety that will appear on 2024 proxy ballots inched forward from last year’s total.
IASB, ISSB Plan to Step Up Sustainability, Biodiversity and Human Capital Disclosure
The International Accounting Standards Board (IASB) on April 22 moved to bolster the reporting of sustainability issues in financial statements. And, the International Sustainability Standards Board (ISSB) is researching whether to adopt disclosures related to biodiversity and human capital, according to an April 23 press release from the IFRS Foundation, which oversees the ISSB.
Vote-No Campaign Seeks to Oust ExxonMobil CEO/Chair, Lead Director
In the latest chapter of the saga involving ExxonMobil’s lawsuit against two proponents who filed a proposal asking for more disclosure of greenhouse gas emissions, two religious funds launched a vote-no campaign to unseat the energy company’s executive chair and CEO, Darren Woods, and its lead independent director and nominating & governance committee chair, Joseph Hooley.
Sierra Club Urges State Pension Funds to Vote for Climate Proposals, Against Directors
The Sierra Club is encouraging its members to sign a petition urging public pension funds to vote for shareholder proposals addressing climate issues and against board members at fossil fuel companies, utilities and financial institutions that have failed to adopt 1.5-degree aligned business plans.