ExxonMobil Loses At Least Two Board Seats In Shareholder Election

ExxonMobil Loses At Least Two Board Seats In Shareholder Election

At least two of ExxonMobil corporation’s slate of twelve “independent” directors were defeated at the company’s annual meeting yesterday — a majority of shareholders voted in favor of two of the challengers put forward by upstart hedge fund Engine No. 1. 

Why This Matters:  It was a really bad day for big oil.  Between the Dutch court’s order that Shell cut its emissions faster and the stunning and highly unusual loss for ExxonMobil at the hands of some of its largest institutional investors, the industry is likely feeling the heat and seeing the tide rising against them.

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ExxonMobil’s Shareholder Meeting Drama — Board Seats Contested By Pro-Climate Hedge Fund

ExxonMobil’s Shareholder Meeting Drama — Board Seats Contested By Pro-Climate Hedge Fund

A group of investors is attempting to displace four members of the ExxonMobil Board of Directors in the Board election at the annual meeting to be held on Wednesday — and according to Axios and The Washington Post, this challenge represents a battle for the future of the oil and gas giant. 

Why It Matters:  This election campaign is not driven by climate activists or political pressure — it’s about return on investment and long-term financial weakness.

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One Shareholder Uprising Thing: Dupont Loses Big Vote on Plastic Pollution

One Shareholder Uprising Thing: Dupont Loses Big Vote on Plastic Pollution

It’s annual meeting season, and corporations are increasingly on the defensive about their carbon footprint, climate change policies, and other social issues.  Most of the time, corporate leaders manage to fend off such resolutions.  But this year, DuPont lost big on a shareholder proposal, filed by a group called As You Sow, that received 81.2 […]

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