Exxon dealer wins season-specific win with two board seats | Business and Financial Issues

A small stockbroker at ExxonMobil found seasonal success when he won two seats on a large oil board.

First-time investor with a small stake in Exxon Mobil Corp. won a major record in the war against the oil giant, highlighting the need for climate change for investors.

Engine number 1 – a well-known company that became known in December when it began pressuring Exxon to develop a better climate control plan – secured two seats at the company’s company at its annual stakeholder meeting on Wednesday. original number.

The consequences are disgraceful for Exxon, unprecedented in the global Big Oil crisis, and a sign that corporate corporations are willing to force American corporations to deal with climate change. The No. 1 engine, which has only 0.02% and no history of oil and gas production, could be even more effective against titans such as Exxon, the world’s largest nonprofit publisher, showing how environmental problems are now seen in corporate rooms. officials in this country.

The vote was even more shocking because of the force exerted by Exxon against the defendant, which also criticized the company for financial failure. Exxon declined to meet with nominees and Chief Executive Officer Darren Woods told stockbrokers earlier this month that voting for them “could jeopardize our progress and ruin your share.” The company has promised until, 48 hours before the meeting, that it will add two new directors, including one with “weather information.”

In some sub-divisions, shareholders this year have already expressed frustration with the management’s reluctance to meet difficult environmental goals. A DuPont de Nemours Inc. voted 81% against regulators on plastic waste reports, while ConocoPhillips lost the competition on the basis of the strongest.

Exxon polls show dissatisfaction with Woods’ opinion, despite a strong stock exchange this year, rising by more than 40% due to rising oil prices.

Woods needs to continue to streamline Exxon’s operations in terms of revenue, earning the third largest S&P 500 segment and leaving the loss of 2020, for the first time in 40 years. But a bigger question has to do with Exxon’s power-change strategy, which many shareholders consider to be European counterparts.

Exxon’s natural history and reluctance to accept changes in the power of fast cleaning was an important criticism of the six-month standoff. The San Francisco-based engine 1 engine complained about testing how Exxon operates temporarily, calling it a “decade-of-cost cost.”

Instead of focusing on fossil fuels and selling energy like some of its competitors, Exxon is increasingly betting on carbon capture and deprivation, a technology that is said to require significant government support to be effective.

Engine 1 reported that the Exxon CCS office in Houston “was not a real thing” and did not simply “advertise”. The fund also said Exxon’s intentions “disrupt long-term air pollution” and that it is in line with the Paris Agreement “is not in line with sound principles.”

It remains to be seen what Exxon pivots, if any, will be, but the message from the sharer is clear: That which cannot go on.