{"id":115224,"date":"2021-05-27T19:56:29","date_gmt":"2021-05-27T19:56:29","guid":{"rendered":"https:\/\/fin2me.com\/?p=115224"},"modified":"2021-05-27T19:56:29","modified_gmt":"2021-05-27T19:56:29","slug":"bitter-shareholder-battle-for-exxons-future-nears-climax","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/bitter-shareholder-battle-for-exxons-future-nears-climax\/","title":{"rendered":"Bitter shareholder battle for Exxon's future nears climax"},"content":{"rendered":"

(Reuters) – Exxon Mobil Corp\u2019s bid to stave off a tiny activist fund challenging its board and response to growing climate concerns is too close to call just hours before the oil giant\u2019s annual meeting, people familiar with the matter said.<\/p>

FILE PHOTO: An Exxon gas station is seen in Houston, Texas, U.S., April 30, 2019. REUTERS\/Loren Elliott<\/figcaption>

Exxon\u2019s 12 directors are up for election on Wednesday in the first major boardroom contest where climate change is a central issue.<\/p>\n

The United States\u2019 largest oil company has been criticised for its approach to the energy transition, drawing comparisons with global rivals that have pledged more investment in newer technologies and to shift away from heavy polluting oil-and-gas.<\/p>\n

Exxon has long fought to keep climate activists at bay, negotiating with big shareholders to supply details of its emissions and publicly supporting carbon reduction.<\/p>\n

But upstart hedge fund Engine No. 1, which has put up a slate of four nominees, has successfully garnered support from institutional investors and shareholder advisory firms upset with Exxon for its weak financial performance in recent years.<\/p>\n

\u201cThe world around them is changing,\u201d said Aeisha Mastagni, a portfolio manager at California State Teachers\u2019 Retirement System, which backed the activists. The proxy fight has taken on \u201cmonumental\u201d importance, she said.<\/p>\n

BlackRock, Exxon\u2019s second largest shareholder, struck a blow for the challengers by supporting three nominees from Engine No. 1, which promotes sustainable investments.<\/p>\n

DIFFICULT CHALLENGE<\/h2>\n

The viability of Exxon\u2019s climate strategy and past resistance to shareholder concerns lay behind BlackRock\u2019s vote, people familiar with the decision said.<\/p>\n

Preliminary vote results are expected by midday. Results will show if there is broad support among energy investors for a transition to cleaner fuels.<\/p>\n

Exxon can expect strong support from retirees and smaller investors that count on the company\u2019s rich dividend. Proxy fights are notoriously difficult for challengers, said a hedge fund executive who is not involved in Exxon.<\/p>\n

\u201cWe have one of the strongest boards in corporate America,\u201d Chief Executive Darren Woods said in an interview last week. Its board understands the company\u2019s complexity and supports a path toward the Paris Accord\u2019s carbon reductions, he said.<\/p>\n

Exxon already added three new directors to its board earlier in the year as the pressure from Engine No. 1 and hedge fund D.E. Shaw, which voiced similar complaints, mounted. D.E. Shaw kept its dealings with Exxon largely out of the limelight.<\/p>\n

Still, new directors may help as the industry evaluates the future of fossil fuels and Exxon. There will be no need for new oil and gas projects if investors want net zero carbon emissions by 2050, the International Energy Agency said this month.<\/p>\n

Wednesday’s vote “is a good example of activist stewardship to help the company get the board it needs for the energy transition”, said Robert Eccles, a professor at Sa\u00efd Business School at the University of Oxford. (Graphic: Exxon returns lag global peers, )<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

(Reuters) – Exxon Mobil Corp\u2019s bid to stave off a tiny activist fund challenging its board and response to growing climate concerns is too close […]<\/p>\n","protected":false},"author":3,"featured_media":115223,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nBitter shareholder battle for Exxon's future nears climax - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/markets\/bitter-shareholder-battle-for-exxons-future-nears-climax\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitter shareholder battle for Exxon's future nears climax - Fin2me\" \/>\n<meta property=\"og:description\" content=\"(Reuters) – Exxon Mobil Corp\u2019s bid to stave off a tiny activist fund challenging its board and response to growing climate concerns is too close [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fin2me.com\/markets\/bitter-shareholder-battle-for-exxons-future-nears-climax\/\" \/>\n<meta property=\"og:site_name\" content=\"Fin2me\" \/>\n<meta property=\"article:published_time\" content=\"2021-05-27T19:56:29+00:00\" \/>\n<meta name=\"author\" content=\"Mark\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/fin2me.com\/wp-content\/uploads\/2021\/05\/Bitter-shareholder-battle-for-Exxons-future-nears-climax.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/fin2me.com\/markets\/bitter-shareholder-battle-for-exxons-future-nears-climax\/\",\"url\":\"https:\/\/fin2me.com\/markets\/bitter-shareholder-battle-for-exxons-future-nears-climax\/\",\"name\":\"Bitter shareholder battle for Exxon's future nears climax - 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