Activist Investors Take 3rd Seat on Exxon Board
Support CleanTechnica's work through a Substack subscription or on Stripe.
Activist investors have secured a third seat on the ExxonMobil board of directors, according to preliminary results released by the company Wednesday. Engine No. 1, a small, activist hedge fund that has pressured Exxon on its climate impact, put forward four nominees, three of which have been elected. While Engine No. 1 has only a 0.02% stake in Exxon, it gained support from other financial institutions unhappy with Exxon’s climate strategy. The newest board member, Alexander Karsner, has a strong environmental record and experience working in the renewable energy field.
“It’s a watershed event when an activist investor takes three seats on the board of such a major company, and with the energy transition front and center in the bid to replace several board members, it seems inevitable that Exxon will be rethinking its climate strategy,” said Jason Bordoff, founding director of the Center on Global Energy Policy at Columbia University.
Sources: New York Times $, Washington Post $, CNBC, Reuters, CNN, Wall Street
Article courtesy of Nexus Media.
Sign up for CleanTechnica's Weekly Substack for Zach and Scott's in-depth analyses and high level summaries, sign up for our daily newsletter, and follow us on Google News!
Have a tip for CleanTechnica? Want to advertise? Want to suggest a guest for our CleanTech Talk podcast? Contact us here.
Sign up for our daily newsletter for 15 new cleantech stories a day. Or sign up for our weekly one on top stories of the week if daily is too frequent.
CleanTechnica uses affiliate links. See our policy here.
CleanTechnica's Comment Policy
