Climate advocates gained influence at oil giant ExxonMobil after two candidates nominated by an activist firm won seats on the company’s board on Wednesday.
Activist Wins Exxon Board Seats After Questioning Oil Giant s Climate Strategy
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Exclusive-BlackRock backs 3 director nominees challenging Exxon board -sources
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Exclusive: BlackRock backs dissident s nominees in rebuke to Exxon - sources
By Svea Herbst-Bayliss
Reuters
(Reuters) - BlackRock Inc, Exxon Mobil Corp s second largest shareholder, has voted for three of four director candidates nominated by hedge fund Engine No. 1, contrary to the oil company s advice, people familiar with the matter said on Tuesday.
BlackRock, the world s largest asset manager, has a 6.7% stake in Exxon, according to the company s proxy. Its vote signals investors have grown much more serious about fighting climate change, adding pressure to Exxon and other oil companies.
Exxon declined comment until after voting results are disclosed on Wednesday. It has spent tens of millions of dollars to oppose their election. The top U.S. oil producer, has been calling shareholders including Vanguard and State Street to support its slate of 12 directors, other people said.