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Engine No. 1's "Reenergize Exxon" campaign received strong shareholder support. It successfully placed three new directors on the company's board. ExxonMobil now has the opportunity to develop a bold new strategy that will support shareholder returns and the transition to a low carbon economy.
Exxon says activists pushing cleaner energy won a third seat on its board. June 2, 2021, 4:14 p.m. ETJune 2, 2021, 4:14 p.m. ET Credit...Jim Young/Reuters Activist investors who dealt a stunning defeat to Exxon Mobil last week secured a third seat on the company’s board on Wednesday when the oil giant announced updated results of a shareholder vote. The investors, a small hedge fund called Engine No. 1, last week secured enough votes to put two people on the oil producer’s board, the first time candidates picked by the company’s management have lost an election, according to analysts. E...
Biden has big, expensive plans to boost the economy.
A surprising mix of environmentalists, pension fund managers and big money investors have scored startling victories against oil and coal, opening new battle fronts in the climate fight.
In the hotly contested board director election at ExxonMobil, activist hedge fund Engine No. 1 prevailed. Two of their nominees, Greg Goff and Kaisa Hietala, were elected. This is a stunning rebuke from investors to the company for its unwillingness to adapt its strategy for the energy transition.