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Wednesday, June 16, 2021

Activist agency Engine No. 1 claims third Exxon board seat

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A view of the ExxonMobil Baton Rouge Refinery in Baton Rouge, Louisiana, Might 15, 2021.

Kathleen Flynn | Reuters

A 3rd Exxon board seat has been claimed by Engine No. 1, the activist agency that is been focusing on the oil large over its dependence on fossil fuels, the corporate stated in an announcement Wednesday.

The announcement, which remains to be based mostly on preliminary outcomes, follows the upstart activist agency gaining two board seats at Exxon’s annual shareholder meeting on May 26. The vote over the third seat was too near name on the assembly’s conclusion.

“We look ahead to working with all of our administrators to construct on the progress we have made to develop long-term shareholder worth and reach a lower-carbon future,” Exxon Chairman and CEO Darren Woods stated in an announcement Wednesday.

Engine No. 1, which has a 0.02% stake in Exxon, has been focusing on the corporate since December, pushing it to rethink its function in a zero-carbon world.

Final week’s vote adopted months of back-and-forth between Engine No. 1 and Exxon. The activist agency nominated 4 impartial director candidates and received help from massive pension funds, together with CalPERS, CalSTRS and the New York State Frequent Retirement Fund.

The annual shareholder assembly spanned a number of hours and occurred in two elements with a roughly one-hour recess between the 2 resulting from a lot of votes nonetheless being solid.

“We’re grateful for shareholders’ cautious consideration of our nominees and are excited that these three people will likely be working with the complete board to assist higher place ExxonMobil for the long-term advantage of all shareholders,” Engine No. 1 stated in an announcement Wednesday.

For its half, Exxon’s administration has emphasised the steps it’s taking towards solidifying its function in a lower-carbon future, together with allocating $3 billion for analysis round carbon seize and different emissions-cutting applied sciences.

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