Andrew Freedman Quoted in NY Times on Exxon Board Defeat


Olshan Partner and Co-Chair of the firm’s Shareholder Activism Group Andrew Freedman was recently quoted in The New York Times regarding the rise of social-good shareholder activists in the wake of the seminal Exxon proxy contest. Engine No. 1, a recently formed hedge fund, was practically unknown before its boardroom battle with the energy giant Exxon Mobil. Engine No. 1 was able to gain support from some of Exxon’s most notable investors, such as Blackrock, Vanguard, and State Street. Mr. Freedman noted, “We’re finding that there are other components that factor into a company’s overall performance: social, cultural, and now, environmental.” By using the effects of client change as a major point of emphasis, Engine No. 1 secured a major victory against Exxon Mobil by claiming at least 2 seats on their board. Mr. Freedman went on to say, “Shareholders are able to now find a way to run a campaign where there’s alignment on the initiative because it all feeds to the bottom line.”

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