Oil come, all ye faithful
Big Oil will be facing a big dose of pressure in 2023. It comes from activist shareholder Follow This (joined by other leading investors with assets under management of over € 1.3 trillion) who is targeting Shell, BP, ExxonMobil and Chevron with climate resolutions.
The resolutions ask the oil giants to align their 2030 emissions-reduction targets with the Paris Climate Agreement — with special focus on Scope 3 emissions.
Mark van Baal, founder of Follow This, said: “The focus on Scope 3 by 2030 leaves the oil majors no wiggle room for smokescreens about ‘net zero emissions by 2050’ or reduction targets for operational emissions (Scope 1 and 2, around 5% of emissions)…
“Only when voting regains momentum, oil majors will change.”
Follow This claims that in recent years, Shell, BP, Equinor, Chevron, and Phillips 66 “reluctantly” set Scope 3 targets after shareholders voted in favour of their climate-targets resolutions.
The land of Scope and Glory.
God rest ye merry, Chairman (of Purplebricks)
Paul Pindar, Chair of online estate agent Purplebricks, has survived a much anticipated attempt by activist investor Lecram Holdings to oust him.
The activist investor, who has a 5% stake in the estate agent, demanded a meeting to call for Pindar to be replaced by industry stalwart Harry Hill.
The meeting was held this week on December 19th, and while 28.2% backed removing Pindar, 71.7% voted against the motion.
In response to the controversial vote, Helena Marston, Purplebricks’ CEO, said: “I want to reassure all shareholders that we understand their concerns. Our past performance has not been good enough. But we have a new team, with an agreed plan that is being delivered at pace…”
Not bricking it, then?
Yet another Ding Dong for Elon
Tesla’s third-largest individual shareholder, Indonesian billionaire KoGuan Leo, has called for Elon Musk to step down as CEO and find a replacement.
Leo owned approximately 22.6 million Tesla shares and 1.23 million stock options as of August 2022, making him the third-largest shareholder of the electric-car company after Elon Musk and the billionaire Oracle-co-founder Larry Ellison.
Leo took to Twitter to slam the entrepreneur: “Elon abandoned Tesla and Tesla has no working CEO,” he wrote. “Tesla needs and deserves to have working full-time CEO. What Tesla BOD (board of directors) should do, do nothing? Elon will find his own successor under BOD independent supervision.”
In a separate tweet, he added: “Tesla matters. Elon is a mere hired hands. He is our employee. Tesla is 19 year old, ranked 4th with 2.4% allocation in S&P, not a baby and soon be the biggest. Elon was the proud father, Tesla has grown up. An executioner, Tim Cook-like is needed, not Elon.”
Tes-la season to be jolly…
In the bleak mid-twitter
Ironically… Elon Musk has announced (tweeted) in the past few days that he will resign as CEO of Twitter as soon as he finds someone “foolish enough” to replace him.
The Guardian reported that this was the first time Musk had mentioned leaving the chief role at the social media platform since Twitter users voted decisively in a poll for him to step down (which the billionaire launched earlier this week).
Musk-y the showman.
