On May 26, a Dutch court ruled that Royal Dutch Shell must cut its greenhouse gas emissions by 45 percent by 2030. While the landmark decision does not apply outside of the borders of the Netherlands, it was a historic blow to the oil major and could have far-reaching implications for the global energy transition.
Shell was not the only oil major coming under intense scrutiny. On the same day, ExxonMobil’s CEO Darren Woods was fighting for his job and seeking to fend off an attempt by activist investors to sack members of his board. The battle is another sign that the energy transition is gaining steam.
Climate Activists Defeat Exxon in Push for Clean Energy
Shareholders elected at least two of the four directors nominated by a coalition of investors that said the oil giant was not investing enough in cleaner energy.
Exxon Mobil storage tanks in Rotterdam. Shareholders say the oil giant should invest more heavily in renewables like wind and solar energy.Credit.Peter Dejong/Associated Press
May 26, 2021
HOUSTON Big Oil was dealt a stunning defeat on Wednesday when shareholders of Exxon Mobil elected at least two board candidates nominated by activist investors who pledged to steer the company toward cleaner energy and away from oil and gas.
Activist investor wins at least 2 seats on Exxon board
Activist investor wins at least 2 seats on Exxon board
Bloomberg
Exxon Mobil shareholders, backed by three of the largest U.S. pension funds, voted to replace at least two board directors Wednesday with activist investor nominees.
Taking issue with the company s direction, hedge fund firm Engine No. 1 put forth a slate of four independent director candidates. Exxon s board needs are directors with experience in successful and profitable energy industry transformations who can help turn aspirations of addressing the risks of climate change into a long-term business plan, not talking points, Engine No. 1 said in a news release Monday.
Demand for Restaurant Relief Fund Far Exceeds Funding
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Isabel Casillas Guzman, the head of the Small Business Administration.Credit.Ting Shen for The New York Times
Many applicants to the government’s pandemic relief program for restaurants, bars, caterers and other food businesses will be left empty-handed unless Congress provides more money for the $28.6 billion grant program, the head of the Small Business Administration said on Wednesday.
The agency’s Restaurant Revitalization Fund received more than 372,000 applications, seeking $76 billion far more than the fund has available, the administrator, Isabella Casillas Guzman, said at a House Small Business Committee oversight hearing.