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Kempen Capital Management, a European investor with $99 billion in assets, has sold its Exxon stake over climate concerns.
Exxon has come under increasing investor scrutiny for lagging behind rivals in tackling the energy transition.
Other investors are selling out, Dimitri Willems, senior portfolio manager, told Insider.
Kempen Capital Management, an Amsterdam-based asset manager with over €79.1 billion ($99 billion) in assets under management,
offloaded its stake in Exxon Mobil in 2020 over concerns related to shareholder engagement, the firm told Insider.
Kempen, among the largest asset managers in the Netherlands, divested a $22.5 million stake in December because Exxon failed to engage with shareholders that were pushing the oil and gas producer to set more rigoro
Exxon slides 6% after SEC launches investigation into the oil giant s asset valuations
Emily GraffeoJan 15, 2021, 22:48 IST
Kena Betancur/VIEWpress/Corbis via Getty Images
Exxon Mobil tumbled as much as 6%, to $47.29, on Friday following a report from the Wall Street Journal that the SEC launched an investigation into the oil giant regarding its valuations of one of its most important oil and gas properties.
People involved in valuing the property complained that employees were forced to use unrealistic assumptions about how quickly Exxon could drill wells there to arrive at a higher value, the Journal reported.
The investigation comes after Exxon s stock suffered its worst annual performance in 40 years in 2020 as oil prices collapsed.