News Mash-up: Boards of Directors

Exxon loses board seats to activist hedge fund A tiny hedge fund dealt a major blow to Exxon Mobil Corp. on May 26, unseating at least two board members in a bid to force the company’s leadership to reckon with the risk of failing to adjust its business strategy to match global efforts to combat climate change. The success by hedge fund Engine No. 1 in its showdown with Exxon shocked an energy industry struggling to address growing investor concerns about global warming. The result will add to pressure on CEO Darren Woods, who campaigned to convince shareholders to shoot down the board challenge and argued the company was already advancing low-carbon projects and improving profits. (Reuters) Toshiba shareholders vote out board chairman In a rare move and a victory for activist investors, Toshiba Corp. shareholders voted down the reappointment of the board chairman at the annual shareholders meeting on June 25, after corporate governance issues at the industrial conglomerate were brought to the fore by a government collusion scandal. Investors ousted Osamu Nagayama, who had expressed his intention to stay on. A recent probe by lawyers showed that the conglomerate had sought help from the government to influence the voting behavior of foreign shareholders. (The Japan Times) These articles were provided by The Japan Times Alpha.