(Bloomberg) It was a stunning moment for Exxon Mobil Corp. and the wider corporate world: a tiny activist fund had succeeded in changing the company’s board.
In the hotly contested board director election at ExxonMobil, activist hedge fund Engine No. 1 prevailed. Two of their nominees, Greg Goff and Kaisa Hietala, were elected. This is a stunning rebuke from investors to the company for its unwillingness to adapt its strategy for the energy transition.
ExxonMobil has faced battles at annual meetings over climate change for decades, with shareholders pushing resolutions to make it take stronger action.
ExxonMobil, Chevron investors vote for more action on climate change
published : 27 May 2021 at 04:45 ExxonMobil is getting at least two board members who want the oil giant to more aggressively tackle climate change.
NEW YORK - Investors rejected the responses of US oil giants to climate change Wednesday, installing activist board members at ExxonMobil and directing Chevron to deepen emissions cuts.
The dual decisions at the two biggest US oil giants annual meetings are clear evidence that addressing climate change has moved from being an environmentalist cause to one championed by mainstream investors.
At ExxonMobil, two board nominees from activist group Engine No. 1 won enough votes to secure board seats. Shareholders also backed a proposal requiring a report on the oil giant s lobbying activities on climate change.
Exxon activist captures board seats in historic victory for climate change advocates
The result is an embarrassment for the Irving oil giant and a sign that institutional investors are increasingly willing to force corporate America to tackle climate change.
Exxon Mobil is facing a major challenge from a group of investors in one of the biggest fights a corporate boardroom has faced over its stance on climate change, an issue of rising urgency among many shareholders.(Richard Drew)
11:08 AM on May 26, 2021 CDT
A first-time activist investor with a tiny stake in Irving-based Exxon Mobil Corp. scored a historic win in its proxy fight with the oil giant, signaling the growing importance of climate change to investors.