Third Activist Director Will Join ExxonMobil Board After Close Shareholder Vote
ExxonMobil expects to lose a third board seat to an activist hedge fund, Engine No 1, adding to the pressure on one of the world’s largest oil companies to introduce a more effective climate transition plan.
The Texas-based producer announced late on Wednesday that lawyers counting shareholder votes had found a third director nomination was secured by Engine No 1, which argued Exxon had not done enough to prepare for the global shift from fossil fuels.
The vote for the third director had been too close to call immediately after Exxon’s annual meeting last week, in which two rebel directors from Engine No 1 were voted in by shareholders.
The rebellion came on the same day as a series of victories for climate activists – both shareholders and campaigners – as Chevron lost a vote calling for it to reduce the carbon emissions of the products it sells. Its Anglo-Dutch rival Royal Dutch Shell was ordered by a Dutch courtroom to cut its emissions by 45% by 2030, in a landmark ruling.
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https://www.theguardian.com/business/2021/jun/03/activist-hedge-fund-seat-exxonmobil-board-engine-no-1-fossil-fuels