"Shareholders elected at least two of the four directors nominated by a coalition of investors that said the oil giant was not investing enough in cleaner energy."
"HOUSTON — Big Oil was dealt a stunning defeat on Wednesday when shareholders of Exxon Mobil elected at least two board candidates nominated by activist investors who pledged to steer the company toward cleaner energy and away from oil and gas.
The success of the campaign, led by a tiny hedge fund against the nation’s largest oil company, could force the energy industry to confront climate change and embolden Wall Street investment firms that are prioritizing the issue. Analysts could not recall another time that Exxon management had lost a vote against company-picked directors.
“This is a landmark moment for Exxon and for the industry,” said Andrew Logan, a senior director at Ceres, a nonprofit investor network that pushes corporations to take climate change seriously. “How the industry chooses to respond to this clear signal will determine which companies thrive through the coming transition and which wither.”
The vote reveals the growing power of giant Wall Street firms that manage the 401(k)s and other investments of individuals and businesses to press C.E.O.s to pursue environmental and social goals. Some of these firms are run by executives who say they see climate change as a major threat to the economy and the planet."
Clifford Krauss and Peter Eavis report for the New York Times May 26, 2021.
SEE ALSO:
"Oil Giants Are Dealt Major Defeats on Climate-Change as Pressures Intensify" (Wall St. Journal)
"Factbox: Eyes On U.S. Climate Lawsuits After Landmark Dutch Ruling" (Reuters)
"Shell Ordered To Deepen Carbon Cuts In Landmark Dutch Climate Case" (Reuters)
"A Dutch court Rules That Shell Must Step Up Its Climate Change Efforts." (New York Times)
"Chevron Investors Back Climate Proposal in Rebuke to C-Suite" (Bloomberg)
"ExxonMobil and Chevron Suffer Shareholder Rebellions Over Climate" (Guardian)
"Investors, Court Deliver 'Stark Warning For Big Oil' On Climate" (Reuters)
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