Shareholder activism reaches milestone as Exxon board vote nears end – By Reuters (CNBC) / May 26 2021
- The showdown pitting Exxon Mobil against a tiny activist fund to determine the oil giant’s board and future direction was too close to call.
- Exxon’s 12 directors are up for election on Wednesday in the first major boardroom contest where climate change is a central issue.
The showdown pitting Exxon Mobil against a tiny activist fund to determine the oil giant’s board and future direction was too close to call early Wednesday, according to people familiar with the matter.
Exxon’s 12 directors are up for election on Wednesday in the first major boardroom contest where climate change is a central issue.
Exxon has long fought to keep climate activists at bay, negotiating with big holders to supply details of its emissions and publicly supporting carbon reduction. This year, it sharply boosted spending to present its case and added a director from an ESG activist fund.
BlackRock, Exxon’s second-largest shareholder, struck a blow to those efforts by supporting three nominees from activist fund Engine No. 1, which promotes sustainable investments.
