Shareholder proposal seeks to limit shareholder proposals
No, there is no typo in this post’s title.
Kudos to Michelle Leder over at Footnoted.org for highlighting this shareholder proposal gem, the first of 17 shareholder proposals listed in Exxon Mobil’s proxy statement:
“Resolved: That the Company amend its bylaws to no longer permit shareholders to submit precatory (non-binding or advisory) proposals for consideration at annual shareholder meetings, unless the board of directors takes specific action to approve submission of such proposals. Stock ownership has become politicized. Many shareholders own stock in publicly-owned corporations in order to use the corporations as a means of advancing the particular shareholders’ social or political agenda. A primary tool of ‘activist’ or ‘nuisance’ shareholders is the submission of non-binding precatory (advisory) proposals for discussion and vote at annual meetings of shareholders.”
To read Michelle’s take, click here.
