VOTING SUPPRESSION FOILED. American companies have an enormous discretion over their affairs. A Securities and Exchange Commission decision dated Feb. 26 shows that, at least theoretically, regulators are giving a bit back to shareholders via oil giant Exxon Mobil. The proposal by BNP Paribas Asset Management wants the company to report on how its lobbying fits with climate change risks. Exxon argued that a previously issued report addressed these issues, saying its lobbying is “aligned” with the Paris Climate Agreement. That argument, and the idea that shareholders shouldn’t micromanage companies, has persuaded regulators in similar past disputes. This time, the SEC has told Exxon it needs to put it to a shareholder vote. Investors almost always side with management, still. Only 6% of shareholder proposals received majority votes in 2019, and 2020 was similar, according to Manhattan Institute figures for the top 250 firms. Exxon historically has had little to fear. But a proxy fight, and the board appointment of investment-turned-climate activist Jeff Ubben suggests the times may be changing. (By Robert Cyran)