Exxon Mobil Corp.'s optional program to automatically align individual investors' votes with the board's violates federal law, a proposed class action said.
Board members enacted this retail investor voting program as a "blatant power grab," a pension fund told the US District Court for the District of New Jersey.
Through it, they "seek to weaponize retail shareholder apathy by sock-puppeting retail shareholders' voting discretion," the complaint said.
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In the world of social enterprises, failure is a cringe-worthy moment nobody wants to talk about. But, social entrepreneurs can benefit from their failures.