Richard Moore Using Shareholder Activism to Fight Executive Compensation at Exxon

State Treasurer Richard Moore is using his position as head of the state's treasury to withhold voting North Carolina's shares in Exxon in favor of the current directors, apparently over concerns of excessive executive compensation (article here). The directors will probably win anyway given the fact that the job is typically more secure than an incumbent Congressman's, but shareholder protests like this often do register with public companies. So it is nice that Moore is doing something in his power to fight the world's most profitable corporation when he sees that they are doing something that he does not think is in the best interest of the state. Now if we can only get Roy Cooper to use his powers as Attorney General to uncover some price gouging.

As a side note, I am sure that there are some that are going to accuse Moore of playing politics before his run for governor in '08, but if these are the politics he is playing (much like being one of the first to call for a minimum wage hike), I have no problem with it.

Comments

Agreed, Tar.

I'll take progressive action any day, even if it comes in the guise of campaign stunts.