AMC Entertainment Holdings Inc (AMC)

[keepdreaming132]

This article is not about meme stock but it goes to show how powerful Hedgefund can be with the power to oust a company's directors. With Citadel owning a lot of shares in AMC now, will they have the power to influence AMC like Exxon? only time will tell.


Hedge fund slams Exxon for pausing high-stakes vote
From CNN Business' Alexis Benveniste

America's largest oil company, Exxon, is facing a credible challenge from an activist investor. Hedge fund Engine No. 1 is upset with Exxon's financial performance and its foot-dragging on climate, and now it's seeking to oust four directors at the company's annual shareholder meeting.

Exxon (XOM) is holding its annual shareholder meeting Wednesday, but after about an hour, it took a recess to address a variety of concerns, including the vote on its directors. Almost immediately, it received backlash from Engine No. 1.

In a statement sent via email to CNN Business, the hedge fund accused Exxon of "seeking to delay" the closing of the polls and "using corporate machinery for its own purpose rather than that of shareholders and avoiding the election of individuals with the transformative energy experience required to position the Company for long-term success in a changing world."

Engine No. 1 added, "Shareholders should not be fooled by ExxonMobil’s last-ditch attempt to stave off much-needed board change in response to significant shareholder pressure and the prospect of losing a proxy contest. Shareholders have spoken. ExxonMobil should accept the result, take the vote and move forward.”

The vote resumed at 12:15pm ET.