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- CORPORATE GOVERNANCE CAUTIONARY TALES:GREENWASHED AWAYBy Chanpreet Pabla
- One beautiful day, there was a board meeting at Penta Oil Co...
- Our share prices have been plummeting over the last few years!
- We have a diverse board!
- Our board is fully independent!!
- Yeah, our compensation sucks!
- But we are doing everything right!!
- Yeah, that seems like good governance.
- THAT IS ALL GREAT. But we don't have a good climate change policy.
- It looks like a lot of corporations have adopted net zero emissions policies. We should do the same.
- That's very true. The new generation has a weird obsession with the environment!
- Good idea! Let's share that we are adopting green policies on our website and circulars! We'll figure out the rest later...
- YEARS LATER...
- SAVE THE PLANET
- WOW this company is SOOOO into climate change! AND their stock prices have been going up!! I HAVE TO INVEST!!!
- I HATE GREENWASHING
- PENTA OIL CO
- We will reach net zero emissions by 2045!We have a plan to reduce oil and gas production. We will do X,Y, and Z to curb emissions.Read the documents on this page for further information
- Later that month...
- oh look! there's PENTA OIL CO! I should take a look...
- It's crazy! We've been producing the same amount of oil every year.
- Oil demand is still pretty high!
- ... BUT PENTA OIL HAS A NET ZERO GOAL. NO WAY THEY CAN REACH IT IF THEY ARE STILL PRODUCING THE SAME AMOUNT OF OIL...
- I won't let them get away with this.
- Months later...
- What have we done?!?!
- OMG!!!!
- Sooo, one of the shareholders is taking us to court for failing to prepare the company for the net zero transition...
- Later that day...
- This is Elaine Dawson reporting live outside of Penta Oil Co. We have received reports that Penta Oil's shareholder started legal action against the board of directors for failing to prepare the company for the net zero transition.
- We have Sahil Singh here with us today. He is a shareholder of Penta Oil Co. How do you feel about this lawsuit?
- Penta Oil does not care about its shareholders! The company needs to step away from fossil fuels and move towards clean energy! That's the future and that's where the money's at! I'm going to sell my shares. F@!k this!
- Ugh.. you can't swear on live television, sir.
- The next morning...
- It's time to lawyer up!!
- What are we going to do??
- WE ARE IN HOT WATER. Our share prices have plummeted quickly!
- Or we should just resign...
- We can think of new policies and efficient ways to meet the net zero goal.
- The lawsuit could take years. We will try to do damage control while we wait.
- Some time later...
- I told you I wouldn't let them get away with it...
- SAVE THE PLANET
- I HATE GREENWASHING
- Penta Oil Co's Downfall
- THE END...
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