Want a Diversified Portfolio of Energy Names? Look Outside the U.S. Exchanges But you ll be dealing with exchange rates, local elections, and all manner of other externalities.
May 28, 2021 | 01:00 PM EDT
As Exxon Mobil (XOM) shares slide again today, albeit only fractionally, one has to wonder what activist hedge fund Engine No. 1 thinks it has accomplished. The value of its massive 0.02% stake in XOM has declined since it won election of two of its slate of candidates to Exxon s 12-member Board. One Engine No. 1 candidate lost and the third seat is still apparently too close to call. With self-styled activist Jeff Ubben already on Exxon s board, that means that, at most, the woke contingent on Exxon s Board of Directors is four out of 12 seats. My guess is that it actually ends up being 3 out of 12 when the proxy solicitation firm is finished reporting results next week.
The little engine that could, and the oil giant that couldn t reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
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HOUSTON/BOSTON Last December, when a week-old hedge fund named Engine No. 1 challenged Exxon Mobil to change its ways, laughter echoed through Wall Street circles, from the fund’s name that recalled a famous children’s book to its tiny, then-$40 million stake in what was once the world’s largest publicly traded company.
Just six months later, the fund delivered a massive blow that rippled throughout the oil-and-gas industry. Engine No. 1’s campaign forced Exxon to accept new board members who could bring about a reckoning over its business strategy and confront the risk of global climate change that many investors say Exxon has long been reluctant to address.