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Partners ExxonMobil to provide a future decision on fuel

A proxy war on supermajor power ExxonMobil is reaching its climax on Wednesday, when shareholders will vote on the company’s leadership and ideas that will also be judged in the future of the oil market.

The vote comes months after Engine No. 1, a global fund that calls for the largest oil producer in the US to cut spending and adopt a new system that he says will “speed up instead of hindering power”. cleaning power.

The hedge fund set up a human rights activist campaign in December, select four new members to be elected to the company committee.

“This could be a very important time for the oil and gas industry alike,” said Edward Mason, director of the department at Generation Investment Management. “If the 1st engine is not selected, careful savings ensures that its durability is not possible and the meaning of what it is doing will not be known.”

The program of we will fight against you has been cheaper, Exxon says it will cost at least $ 35m asking for shareholders and Engine No. 1 expects $ 30m. The company also partnered with small shareholders to assist them.

Key to the results are the votes of the most influential investors in Exxon: fund managers at Vanguard, BlackRock and State Street, which own more than five shares of all companies.

Calpers, Calstrs and New York State Common Retirement Fund pensioners and European financial managers & Legal Investment Management will vote for Late Engine 1 1 Wednesday. America has two big ones proxy advisors this month he encouraged some of those elected to the hedge fund board.

Engine No. 1 alone is valued at only $ 54m in the $ 247bn company which less than 10 years ago was the largest in the world market.

Years of spending more money and raising debt has upset some Exxon shareholders, even though the company retained its share last year despite losing more than $ 20bn when the epidemic and falling oil prices disrupted its business.

Engine No. 1 says what Exxon looks for in oil and gas displays “Availability” risk as competitors prepare the carbon world.

Exxon has already selected new directors – and has announced more to come – to reduce its costs, begin reporting on its emissions and announces new low carbon emissions.

“This could be the most important vote of all in Exxon’s day,” said Paul Sankey, an oil analyst at Sankey Research.

Darren Woods chief executive said it was a difficult pivot to clean up energy and told the Financial Times last week that Exxon would “deal with the future of low carbon and the problems associated with this” and “supply of basic human needs”.

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