Shareholders to CEOs: “Act on Climate or Else!”

Your Chief of Staff comes rushing into your office. “Boss,” he says, “We just got a letter from XYZ hedgefund. They’ve got a 4.9% ownership stake in our company. They say they’ll buy more shares and launch proxies against us unless we make big changes. They want seats on the board, a sale of our carbon-intensive divisions, much more climate disclosure and a clear plan to cut emissions by half over the next three years.

“And Jim Cramer from CNBC is on the phone. He’s doing a story about this tonight and wants your response.”

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