ExxonMobil Shareholders to Company: We Want a Different Approach to Climate Change
Two new corporate directors, voted in by a majority at the oil giant’s annual meeting, are expected to help push the company to take stronger action.
May 26, 2021
Vehicles refuel at an Exxon Mobil Corp. gas station in Houston, Texas, on Oct. 28, 2020. Credit: Callaghan O Hare/Bloomberg via Getty Images
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ExxonMobil has spent the last six months locked in a battle for its future, ever since a small investment firm launched a long-shot bid to reshape the company’s board of directors and steer the oil giant on a more climate-friendly path.
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The fight for the soul – and the future – of ExxonMobil Source: By Steven Mufson, Washington Post • Posted: Monday, May 24, 2021
Three giant pension funds are set to vote against the oil titan’s management and in favor of new directors
Darren Woods, chief executive of ExxonMobil, faces criticism for his position on climate change. (Brendan McDermid/Reuters)
The revolt is being led by a hedge fund, called Engine No. 1, which has charged the company not only with poor financial governance but with failing to come up with a viable strategy for dealing with the existential threat of climate change. Their campaign has built momentum by winning widespread backing from pension funds and shareholder advisory services for its proposal to install four new independent directors at ExxonMobil’s annual meeting next week over the objections of the oil giant’s management.