Barry Lewis/InPictures via Getty Images This story is available exclusively to Insider subscribers. Become an Insider and start reading now. Kempen Capital Management, a European investor with $99 billion in assets, has sold its Exxon stake over climate concerns. Exxon has come under increasing investor scrutiny for lagging behind rivals in tackling the energy transition. Other investors are selling out, Dimitri Willems, senior portfolio manager, told Insider. Kempen Capital Management, an Amsterdam-based asset manager with over €79.1 billion ($99 billion) in assets under management, offloaded its stake in Exxon Mobil in 2020 over concerns related to shareholder engagement, the firm told Insider. Kempen, among the largest asset managers in the Netherlands, divested a $22.5 million stake in December because Exxon failed to engage with shareholders that were pushing the oil and gas producer to set more rigorous climate targets and invest more in renewable energy, said Dimitri Willems, a senior portfolio manager at Kempen. Other Exxon investors have expressed similar concerns and may also soon divest their holdings, he said.