corporate
Washington (AFP) - A US banking giant fired more than a dozen employees for "simulating keyboard activity," highlighting a battle within productivity-obsessed corporate America to tame a culture of faking work with gizmos such as mouse jigglers. The sackings by Wells Fargo come as employers use sophisticated tools -- popularly called "tattleware" or "bossware" -- on company-issued devices to monitor productivity in the age of hybrid work that took off after the Covid-19 pandemic. Some workers seek to outsmart them with tools such as mouse movers -- which simulate cursor movement, preventing th...
AFP
New York (AFP) - Tesla shareholders voted in favor of a huge compensation package for CEO Elon Musk, endorsing the potential windfall after a Delaware court invalidated it, a company official said Thursday. Based on preliminary vote results, investors backed a plan of up to $56 billion for the mercurial Musk, corporate secretary Brandon Ehrhart said at Tesla's annual meeting in Austin, Texas. "I just want to start off by saying, hot damn, I love you guys," a euphoric Musk said as he took the microphone after the preliminary vote results were announced. The package was originally approved by in...
AFP
New York (AFP) - Electric vehicle company Tesla kept up the campaign to win last-minute votes ahead of a Thursday shareholder meeting that will weigh in on CEO Elon Musk's giant compensation package. "Tesla stockholders, time is running out," read a special webpage set up by the company for the annual meeting. Voting was set to conclude at 11:59 pm Wednesday on the US East Coast. Besides a pay package worth as much as $56 billion to the iconoclastic Musk, shareholders will also vote on a plan to shift Tesla's place of incorporation from Delaware to Texas. "The future value we are poised to del...
AFP
New York (AFP) - ExxonMobil shareholders overwhelmingly reelected the oil giant's board Wednesday, the company said, endorsing its hardball tactics in confronting climate activist investors. The company's 12 nominees won an average of 95 percent of votes cast, ranging from 87 percent to 98 percent, ExxonMobil said in an email to AFP. The vote followed criticism of the American multinational's lawsuit against two activist groups that had sought to direct the company to accelerate emissions reductions. The bullying tactics had drawn sharply-worded rebukes from Norway's sovereign wealth funds and...
AFP
New York (AFP) - Boeing shareholders voted Friday to back outgoing CEO Dave Calhoun's pay deal and reelection to the board, in an endorsement of company leadership as it faces heavy scrutiny over safety problems. The company announced the preliminary vote results at its annual meeting, saying all 11 directors had been reelected and that shareholders backed Calhoun's planned $33 million compensation package. Advisory services firm Glass Lewis had urged shareholders to reject Calhoun's nomination, while Investor Shareholder Services (ISS) had recommended a "no" vote on Calhoun's compensation pac...
AFP
New York (AFP) - Disney's leadership prevailed Wednesday in a high-profile and costly proxy contest against activist investors who had sought to shake up the company's board over concerns about successorship planning. The entertainment giant said its full slate of 12 company nominees had been reelected by a "substantial margin," turning back efforts by Trian Fund Management and Blackwells Capital. "I want to thank our shareholders for their trust and confidence in our Board and management," longtime Chief Executive Bob Iger said in a press release. "With the distracting proxy contest now behin...
AFP
New York (AFP) - Disney shareholders will deliver a verdict later Wednesday in the company's long-running struggle over leadership at one of the spring's most costly and closely-watched annual meetings. At issue is an effort by billionaire investor Nelson Peltz of Trian Capital, who has blasted the Disney board over botched leadership planning after the entertainment giant reinstated long-running chief Bob Iger as CEO and ousted Iger's successor. Peltz has nominated himself and former Disney chief financial officer Jay Rasulo to the board -- an outcome that the company has fought vigorously. I...
AFP
New York (AFP) - ExxonMobil has spent more than two decades sparring with activists over climate change, turning back virtually every shareholder challenge at its annual meeting each spring. But late last month, the oil giant, which has shunned renewable energy investments embraced by some rivals, suffered a landmark defeat when upstart investment fund Engine No.1 successfully won election of three of its four board candidates, overcoming fierce campaigning from management. A newly-formed San Francisco-based investment group, Engine No.1 is a relative minnow in the world of finance, but now st...
AFP
New York (AFP) - Investors rejected the responses of US oil giants to climate change Wednesday, installing activist board members at ExxonMobil and directing Chevron to deepen emissions cuts. The dual decisions at the two biggest US oil giants' annual meetings are clear evidence that addressing climate change has moved from being an environmentalist cause to one championed by mainstream investors. At ExxonMobil, two board nominees from activist group Engine No. 1 won enough votes to secure board seats. Shareholders also backed a proposal requiring a report on the oil giant's lobbying activiti...
AFP
New York (AFP) - The killing of George Floyd prompted a wave of promises from corporate America to advance racial equity. Nearly a year later, large US companies are under pressure to show progress on fulfilling those promises. Shareholders will vote in the coming weeks on some of those initiatives, including whether Walmart should report on the fairness of its pay scale and whether Facebook and Google/Alphabet should appoint a civil rights specialist to their boards. Another frequently proposed option is a racial equity audit that compares a company's record with statements made in its gloss...
AFP
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