Activist Likely to Gain Third Seat on Exxon Board--Update
02 Juin 2021 - 10:41PM
Dow Jones News
By Christopher M. Matthews
Breaking News....
An activist investor is likely to pick up a third seat on the
board of Exxon Mobil Corp., giving it additional leverage to press
the oil giant to address investor concerns about climate
change.
Exxon said Wednesday that an updated vote count showed
shareholders backed a third nominee of Engine No. 1, an upstart
hedge fund that had already won two board seats at Exxon's annual
shareholder meeting last week. The final vote hasn't been
certified, Exxon said, and could take days or weeks to be
finalized, according to people familiar with the matter.
"We look forward to working with all of our directors to build
on the progress we've made to grow long-term shareholder value and
succeed in a lower-carbon future," Exxon Chief Executive Darren
Woods said in a statement. "We thank all shareholders for their
engagement and participation, and their ongoing support for our
company."
Engine No. 1, which owns a tiny fraction of Exxon's stock, had
sought four seats on the board and argued the Texas oil giant
should commit to carbon neutrality, effectively bringing its
emissions to zero -- both from the company and its products -- by
2050, as some peers have. If the preliminary voting results hold,
it will control a quarter of Exxon's 12-person board.
(More to Come)
Write to Christopher M. Matthews at
christopher.matthews@wsj.com
(END) Dow Jones Newswires
June 02, 2021 16:34 ET (20:34 GMT)
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