ESG Telegraph
  • Home
  • Latest News
  • Environment
  • Companies
  • Investors
  • Governance
  • Markets
  • Social
  • Regulators
  • Sustainable Finance
Featured Posts
    • Companies
    Privatising water was never going to work
    • August 19, 2022
    • Latest News
    Cineworld prepares for US bankruptcy filing
    • August 19, 2022
    • Companies
    WWE: body-slammed boss dives out as new champ grapples sale rumours
    • August 19, 2022
    • Markets
    Net zero targets: Ask what you can do for your country . . . 
    • August 19, 2022
    • Latest News
    UK health body calls for upgrade to sewage system as beaches close
    • August 19, 2022
Featured Categories
Belarussia
View Posts
Companies
View Posts
Energy
View Posts
Environment
View Posts
Food
View Posts
Governance
View Posts
Health
View Posts
Investors
View Posts
Latest News
View Posts
Markets
View Posts
Potash
View Posts
Regulators
View Posts
Russsia
View Posts
Social
View Posts
Supply Chain
View Posts
Sustainable Finance
View Posts
Technology
View Posts
Uncategorized
View Posts
ESG Telegraph ESG Telegraph
7K
9K
4K
1K
ESG Telegraph ESG Telegraph
  • Home
  • Latest News
  • Environment
  • Companies
  • Investors
  • Governance
  • Markets
  • Social
  • Regulators
  • Sustainable Finance
  • Governance

Exxon Commits to Add Two New Directors in Last-Minute Move as Investors Push for Broader Change

  • January 15, 2022
  • Staff
Total
0
Shares
0
0
0

Two days before ExxonMobil’s annual general meeting (AGM), the energy giant has made a last-minute commitment to add two new directors over the next year, as a group of major investors, led by sustainability-focused activist investment firm Engine No. 1, pushes for a broader board change to enable the company to better manage the emerging global energy transition.

In December 2020, Exxon announced a series of emissions reduction initiatives, it has yet to set a long-term net zero goal, and the company has met criticism for blocking a shareholder resolution asking it to report if and how it intends to bring its operations in line with the Paris Agreement’s goal of maintaining global temperature rise well below 2 degrees Celsius.

Engine No. 1 has proposed 4 new directors for the company, with significant experience across the energy sector, as well as in policy and strategy. The proposed slate includes Greg Goff, former CEO of refining and marketing company Andeavor, Kaisa Hietala, Former EVP of Renewable Products at Neste, Andy Karsner, Senior Strategist at X (formerly Google X) and former U.S. Assistant Secretary of Energy, and, Anders Runevad, former CEO of wind turbine company Vestas Wind Systems.

The activist investor’s initiative has received support from several major investors, including CalPERS, CalSTRS and the New York State Common Retirement Fund. A report today from Reuters indicates that investment giant BlackRock will vote for three of the nominees as well, adding significant momentum to the move.

In a new proxy statement filing, Exxon stated:

“Over the next twelve months, we will work with the Board to secure two new directors, one with energy industry experience and one with climate experience.”

Unimpressed with the last-minute tactic, Engine No. 1 filed its own proxy statement, indicating that Exxon’s board has refused to meet with any of the investor’s proposed nominees, and calling for the addition of “directors with experience in successful and profitable energy industry transformations who can help turn aspirations of addressing the risks of climate change into a long-term business plan, not talking points.”

In its filing, Engine No. 1 said:

“This vote is too important to be influenced by this type of cynical, last minute maneuvering, and business as usual is not going to better position ExxonMobil for long-term value creation.”

Total
0
Shares
Share 0
Tweet 0
Pin it 0
You May Also Like
Read More
  • Energy
  • Governance
  • Latest News

Justice for Africa: activists expose harmful energy contracts

  • Staff
  • July 13, 2022
Read More
  • Governance

EQ Office Launches Social Responsibility Program

  • Staff
  • January 16, 2022
Read More
  • Governance

BNP Paribas Launches Fund Focused on Diversity and Inclusive Growth

  • Staff
  • January 15, 2022
Read More
  • Governance

Chipotle Ties Exec Compensation to Sustainability Goals

  • Staff
  • January 15, 2022
Read More
  • Governance

BBVA Adds Inclusive Growth and Governance & Board Diversity Strategies to ESG Index Suite

  • Staff
  • January 15, 2022
Read More
  • Governance

DHL Commits €7 Billion to Sustainable Supply Chain, Links Exec Comp to ESG

  • Staff
  • January 15, 2022
Read More
  • Governance

Air Liquide Launches ESG Initiatives Including Decarbonization, Access to Care, Hydrogen Development

  • Staff
  • January 15, 2022
Read More
  • Governance

WBCSD, Leading Businesses Launch Vision and Pathways to Global Sustainable Transformation

  • Staff
  • January 15, 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Featured Posts
  • 1
    Privatising water was never going to work
    • August 19, 2022
  • 2
    Cineworld prepares for US bankruptcy filing
    • August 19, 2022
  • 3
    WWE: body-slammed boss dives out as new champ grapples sale rumours
    • August 19, 2022
  • 4
    Net zero targets: Ask what you can do for your country . . . 
    • August 19, 2022
  • 5
    UK health body calls for upgrade to sewage system as beaches close
    • August 19, 2022
Recent Posts
  • How Tiger Global withdrew its claws when the tech bubble burst
    • August 19, 2022
  • More smelters face threat of closure as Europe enters a power-starved winter
    • August 19, 2022
  • Italy election frontrunner Giorgia Meloni says she will not put Covid funds at risk
    • August 19, 2022

Sign Up for Our Newsletters

Subscribe now to our newsletter

ESG Telegraph
  • Home
  • Privacy Policy
  • Guest Post
  • Contact

Input your search keywords and press Enter.