26 May, 2021

Eco-activist investors win at least 2 seats on Exxon board

This will have to be watched closely. Hopefully this doesn’t impact the profitability and the dividend of the company.

An activist investor won at least two seats on the board of Exxon Mobil Corp. XOM 1.17% , a historic defeat for the oil giant that will likely force it to alter its fossil-fuel focused strategy and more directly confront growing shareholder concerns about climate change.

Exxon said Wednesday a preliminary vote count showed shareholders backed two nominees of Engine No. 1, an upstart hedge fund owning a tiny fraction of the oil giant’s stock. The final vote wasn’t tallied as of early Wednesday afternoon, and the final composition of the board was unclear. Exxon Chief Executive Darren Woods was also re-elected to the board along with seven of Exxon’s candidates, while two seats were undetermined, the company said.

Wall Street Journal
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