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Engine No. 1 owns just 0.02% of ExxonMobil. But it got at least two activist members onto the ExxonMobil board, to help steer the oil giant away from fossil fuels.
The oil giant’s unexpected boardroom defeat by an activist investor hinged on a few key moments.
Image Image Darren Woods, Exxon Mobil’s C.E.O., suffered a big defeat in his fight with an activist investor.Credit...Brendan McDermid/Reuters The little Engine … Exxon Mobil suffered a stunning loss at its annual shareholder meeting yesterday, as a small new activist investor focused on climate change, Engine No. 1, won at least two seats on its 12-member board. To corporate America, the upset was a clear sign that company boards and leaders need to pay attention to environmental, social and governance issues (known as E.S.G.) — or suffer rebukes. A big splash for a tiny fund. Exxon wa...
Deals, votes and lawsuits loom over its annual shareholder meeting.
Engine No. 1 is a small hedge fund, with only an 0.02% stake in Exxon, but it had the backing of pension funds and other major shareholders of Exxon.