Categories
Uncategorized

Climate-change activist hedge fund wins at least two seats on the ExxonMobil board of directors in major corporate coup

A small hedge fund with an activist mission to address climate change has won two seats on the board of directors of ExxonMobil, one of the world’s largest fossil fuel producers, with two seats still too close to call, NPR reports.

The hedge fund, Engine No. 1, is a group started less than a year ago by Chris James, a technology hedge fund veteran, with the idea of using investment money to inspire change in the companies they invest in.

“The firm was founded on the shared belief that a company’s ability to create long-term shareholder value depends on the investments it makes in jobs, workers, communities, and the environment,” Engine No. 1 says on its “About Us” page of a site devoted to “reenergizing ExxonMobil” through the recomposition of the 13-member ExxonMobil board of directors.

A overtly environmental-enlightened hedge fund gaining seats on the board of a fossil fuel company demonstrates a seismic shift in the thinking of institutional investors who own the majority of shares in the company.  It will push the oil giant to more aggressively pursue climate-friendly policies and operations as well as push the company to investigate different ways to produce energy.

Engine No. 1 appealed to ExxonMobil’s disappointing financial performance as the oil and gas market expanded in the past decade.

“10 years ago, ExxonMobil was the largest company in the world by market capitalization and the #1 company in the Dow Jones Industrial Average (DJIA),” the fund declares.  “Prior to our campaign, however, its market capitalization had been cut in half and ExxonMobil had been kicked out of the DJIA.  Further, this historical underperformance occurred with growing oil and gas demand and yet the Company has no credible strategy to create value in a decarbonizing world.”

Created by potrace 1.16, written by Peter Selinger 2001-2019

Feature, not bug

9 minutes ago

WATCH LIVE: House hearing on Birthright Citizenship

57 minutes ago

Surprise! House GOP tells members to cut back on town halls

2 hours ago

Eric Adams moves to dismiss over Sassoon shitshow

2 hours ago

Fourth Estatesman sees two-red siren emoji-fire for press freedom

3 hours ago

“Maybe we will create some NICE NEW LAW!!!”

3 hours ago

USDA cuts off food stamps to illegal immigrants

4 hours ago

Orange Ayatollah posts absolutely batshit “Trump Gaza” AI video

5 hours ago

Nepalese Hindu festival just one giant cloud of weed smoke

6 hours ago

House GOP pulls plug on budget vote

15 hours ago

WATCH LIVE: House to vote on government funding

17 hours ago

MAGA Reich to create undocumented immigrant registry

17 hours ago

Orange Overlord wants to sell citizenships for $5 million

17 hours ago

What a total bundle of sticks

18 hours ago

Zelensky to sign minerals deal with Trump Regime: Axios

19 hours ago

Judge denies TMTG bid to hit De Moraes with restraining order

19 hours ago

Mysterious “DOGE Administrator” revealed!

19 hours ago

“You can protest all you want”

20 hours ago

Blondi proud of inhuman conditions suffered at Guantanamo

21 hours ago

Kevin Cramer’s skull oozing profusely

21 hours ago

Spanberger 39 – Sears 24 in Virginia gov race: poll

22 hours ago

Right on time, almost

23 hours ago

“That’s why the 60 Minutes episode rubbed people the wrong way”

24 hours ago

Regime DOJ says pardon covered Oath Keeper’s hand grenades

1 day ago

Nicole Malliotakis pretty much gives up on excuses for DOGE

1 day ago

Mike Johnson sets mega MAGA budget vote for Monday evening

1 day ago

Australian fisher becomes the fished

1 day ago

Soros or Xi or Bill Gates or someone paid for this

1 day ago

European Tesla sales drop 45 percent in January

1 day ago

Private sector solution to deportations eyed by private sector

1 day ago

Senate delaying Stefanik confirmation vote

1 day ago

Picasso no longer available for adoption in Muscatine, Iowa

2 days ago

Los Angeles ICE raid sweeps up 12 out of 120 targeted

2 days ago

Coast Guard urges Great Lakes-area residents to be careful on ice

2 days ago

Wyoming Republican suddenly in favor of “preferred pronouns”

2 days ago

Judge denies AP bid for injunction on White House access

2 days ago

Denny’s to begin surcharging for eggs

2 days ago

WATCH LIVE: Macron stuck next to demented old piss fetishist

2 days ago

“Non-responses are not considered a resignation”

2 days ago

Florida Quebecois-American Trump fan motelier annoyed by consequences, says countrymen ghosting him “way overreacting”

2 days ago

Russian tourist poses for pic while hanging out of train in Sri Lanka

2 days ago

How long until Republicans start shrieking “insurrection” again?

2 days ago

Wall Street already tired of Trump’s bullshit and volatility

2 days ago

House GOP looking to impose work requirements on SNAP

2 days ago

Fox News reject fails upward to Deputy FBI Director

3 days ago

Orange Fuhrer freaking out over Michael Wolff book, again

3 days ago

Frederich Merz on track to become next German chancellor

3 days ago

Cleanup on Aisle MAGA

3 days ago

Regime to deport unaccompanied undocumented minors to protect them from sex trafficking and other exploitation: memo

3 days ago

Jeffries not ready to lift a finger to help House GOP fund government

3 days ago

x
x
x
x
x
x