The ExxonMobil Shareholder Vote: CalPERS CEO & US Chamber SVP 05/29/24

Squawk Pod

CNBC

Business News, Investing, Business, News

4 • 494 Ratings

🗓️ 29 May 2024

⏱️ 31 minutes

🔗️ Recording | iTunes | RSS

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Summary

After two activist investors pushed ExxonMobil to reduce emissions, the company sued the activists, prompting them to withdraw their proposal. The litigation has cost ExxonMobil’s board the support of CalPERS, the largest public pension fund in the U.S. and a $1B stakeholder in Exxon. CalPERS CEO Marcie Frost discusses her position ahead of the company’s shareholder meeting on Wednesday, and U.S. Chamber of Commerce EVP of Capital Markets Competitiveness Tom Quaadman explains why the U.S. Chamber backed Exxon in its lawsuit against the activist investors. Plus, economist and University of Maryland professor Melissa Kearney says decades-long concerns of overpopulation were misguided; advanced economies are facing fiscal troubles as their working age populations dwindle. Frost - 05:02 Quaadman - 17:18 Kearney - 26:16 In this episode: Becky Quick, @BeckyQuick Andrew Ross Sorkin, @andrewrsorkin Cameron Costa, @CameronCostaNY

Transcript

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0:00.0	Bring in show music please.
0:04.0	This is Squag Pod and I'm C. NBC producer Cameron Costa.
0:08.0	On today's episode,
0:10.0	What's at stake in ExxonMobil's shareholder vote?
0:13.8	The company's months-long battle with activist investors
0:17.0	pushing for lower emissions has culminated in lawsuits
0:20.9	to quash these activists proposals.
0:23.1	And that litigation has cost Exxon the support of another stakeholder,
0:28.3	Calpers, the largest public pension fund in the United States.
0:32.2	CEO of Calpers, Marcy Frost explains her position
0:36.0	and her plan to vote against Exxon's board.
0:39.0	The boards of these companies have a responsibility
0:41.9	to represent the shareholders and we believe
0:44.0	that they've failed in this case by allowing this litigation to move forward.
0:49.2	And the other side of the in California should be questioning calipers as to why they're attacking a
1:04.0	high-performing very profitable company. Plus after decades of overpopulation
1:10.3	worries, economist and professor Melissa Kearney says we now have a much bigger
1:16.2	fiscal problem on our hands. We don't have an example of an advanced economy whose
1:21.2	working-age population shrunk and yet they maintained great
1:24.5	economic dynamism. This is why I see this as a real major economic challenge that we
1:29.0	need to be paying attention to. It's Wednesday, May 29, 2024, and Squawk Pod begins right now.
1:37.0	Stand Becky by in three, two, one, queue please.
	...

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