In a further blow to Exxon management, updated shareholder vote tallies showed that an activist investment firm scored a third board seat at the company's annual shareholder meeting on May 26, Exxon announced Wednesday. Why it matters: The hedge fund Engine No. 1, which owns less than 1% of Exxon's stock, succeeded in its bid to install board members who will push Exxon to more aggressively consider climate change in its business planning. Get market news worthy of your time with Axios Markets.
Shareholders Elect ExxonMobil Directors
Shareholders have elected eight of ExxonMobil nominees to the board of directors and two of Engine No. 1 nominees. But, vote results for five nominees were too close to call.
The American oil giant however, pointed out that preliminary vote estimates were by its proxy solicitor,
“We welcome all of our new directors and look forward to working with them constructively and collectively on behalf of all shareholders,” said Darren Woods, chairman and chief executive officer.
“We’ve been actively engaging with shareholders and received positive feedback and support, particularly for our announcements relating to low-carbon solutions and progress in efforts to reduce costs and improve earnings. We heard from shareholders today about their desire to further these efforts, and we are well positioned to respond”, the company said.
Powerful signal : In a single day, Big Oil suffers historic blows on climate politico.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from politico.com Daily Mail and Mail on Sunday newspapers.
Losing a much-publicized fight with its shareholders, ExxonMobil became Exhibit A of what goes wrong when companies don't read the room on climate action.