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Darren Woods, Exxon Mobil’s C.E.O., suffered a big defeat in his fight with an activist investor.Credit.Brendan McDermid/Reuters
The little Engine …
Exxon Mobil suffered a stunning loss at its annual shareholder meeting yesterday, as a small new activist investor focused on climate change, Engine No. 1, won at least two seats on its 12-member board. To corporate America, the upset was a clear sign that company boards and leaders need to pay attention to environmental, social and governance issues (known as E.S.G.) or suffer rebukes.
A big splash for a tiny fund. Exxon was the first activist campaign for Engine No. 1, which was founded last year by the energy and tech investor Chris James. Its head of active engagement is Charlie Penner, a veteran hedge fund executive who helped lead campaigns against companies like Apple while at Jana Partners.
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Bill Gates’ money manager of nearly three decades is under fire for allegedly fostering a toxic work culture that included engaging in bullying, racism and sexual harassment.
For more than 27 years,
Michael Larson, 61, has managed Gates’ money and has grown the Microsoft co-founder’s wealth from $10 billion to almost $130 billion. Larson reportedly invested Gates’ money in farmland, hotels, stocks, bonds, and even a bowling alley.
According to a
New York Times report, several former staffers at Gates’ money-management firm, Cascade Investment, also called Bill and Melinda Gates Investments, describe Larson as a cruel businessman who often made racist and sexist remarks, bullied staffers, and retaliated against workers who quit the company.
Bill Gates’ money manager of more than 27 years allegedly made racist and sexually offensive remarks, bullied staffers and fostered a culture of fear in the workplace, former employees claimed in a new report.
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