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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