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At least 2 Exxon board members lose seats in climate fight
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At least 2 Exxon board members lose seats in climate fight
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Exxon Board Fight Escalates Over Company s Stance On Climate Change
The conflict reflects pressure mounted by consumers and government officials over the global environmental crisis.
Cathy Bussewitz
NEW YORK (AP) ExxonMobil is facing a major challenge from a group of investors in one of the biggest fights a corporate boardroom has endured over its stance on climate change, an issue of rising urgency for many shareholders.
The investor group is pushing to replace four of the oil giant’s board members with executives they say are better suited to both strengthen the company’s finances and lead it through the transition to cleaner energy. The fight represents a moment of reckoning for major publicly traded companies to address a global crisis.
Exxon Mobil Faces Off Against Activist Investors on Climate Change
The oil company will hold a contested election for four board seats at its annual shareholders meeting on Wednesday.
“We don’t always agree, but we always understand there is an opportunity to improve,” said Darren W. Woods, the chairman and chief executive of Exxon Mobil.Credit.Brendan McDermid/Reuters
May 25, 2021
HOUSTON Exxon Mobil’s management will face a big challenge over its climate change policies at an annual shareholder meeting on Wednesday as activists contest the election of one-third of the company’s board.
Analysts who follow the company said they could not recall an election in which board candidates nominated by Exxon had lost. A defeat for even one of its nominees would be a rebuke to Darren W. Woods, Exxon’s chairman and chief executive.
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