Big Oil s climate-change takedown arrives with stunning rebukes bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.
In the past, environmental activist investors were limited to the odd shareholder proposal, inevitably rebuffed by the boards and management teams. On Wednesday by contrast, shareholders ousted two Exxon Mobil directors seen as insufficiently attuned to the threat of climate change, while Chevron shareholders voted for a proposal to compel the company to reduce pollution by its customers.
Exxon’s activist investor gains an unusual ally in its push for change
The Irving-based oil giant’s CEO tells CNBC that it offered to work with Engine No. 1.
The sign on April 28 at an Exxon service station in Philadelphia.(Matt Rourke)
11:34 AM on May 14, 2021 CDT
An investor pushing for changes at Exxon Mobil Corp. got a boost from a prominent advisory firm, which urged shareholders to support some of the activist’s board nominees.
Institutional Shareholder Services Inc. weighed in Friday on the months-long fight between Engine No. 1 and the oil and gas giant. It recommended investors vote May 26 for three of the four nominees from Engine No. 1′s slate: Gregory Goff, Kaisa Hietala, and Alexander Karsner.