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

California MAGA sheriff/gov hopeful seizes county’s Prop 50 ballots

3 hours ago

Tom Homan less than enthusiastic over TSA job: Live updates

15 hours ago

“Democrat Party” officially designated greatest enemy of America

16 hours ago

British official says London outside of Iranian missile range

16 hours ago

Someday far more will be saying the same about Trump

1 day ago

No one’s coming to SAVE you

2 days ago

Ohio State Trooper rescues injured owl from side of highway

2 days ago

Iranian missile fragments rain near Temple Mount

2 days ago

Not Movie Night Friday: The Great Secession

2 days ago

Orange Warlord “considers winding down” Iran clusterfuck

2 days ago

Jim Jordan subpoenas Virginia DA over anti-Stephen Miller lib

2 days ago

Trump keeps asking if his birthday can be made national holiday

2 days ago

Shrill harpy insists absence of evidence is itself the actual evidence

2 days ago

MAGA Land using that “should” word again

3 days ago

Melania’s former modeling agent asked Trump to have ICE deport his ex-girlfriend amid custody battle, got result he wanted

3 days ago

Regime prosecutors investigating Colombian president Petro: NYT

3 days ago

WATCH LIVE: Orange God Emperor hands out made-up trophies

3 days ago

Chuck Norris has died

3 days ago

What happened to “WE DON’T NEED THEIR HELP”?

3 days ago

BREAKING: Nobody actually wants to watch MAGAfied CBS News

3 days ago

MAGA Congressman claims “everyone understands” pricier gas

3 days ago

Dems 49 – GOP 41 in midterms: Emerson poll

3 days ago

“Senior Republican figures hope a national feel-good factor and a surge in patriotic pride will help their party in the midterm elections”

3 days ago

Fat idiot considering invasion of key Iranian island in Hormuz Strait

3 days ago

Let’s see what the richest man in the world is up to

3 days ago

Gold Star dad says Hegseth full of shit about conversation

3 days ago

Orange God Emperor backs off from “mass deportations”

3 days ago

US Mint panel picked by Trump approves you already guessed

3 days ago

Sixteen non-child abusers and counting

3 days ago

Senate GOP doesn’t know what the hell they’re doing: Watch live

3 days ago

Former pro-Putin blogger sent to psych ward for PDS treatment

3 days ago

Lewandowski shook down DHS contractors for bribes

3 days ago

WATCH LIVE: Orange Shogun grants audience to Tokyo emissary

4 days ago

Iran favorability higher with Trump voters than Harris voters: poll

4 days ago

Orange Warlord continues fretting North Carolina senate race

4 days ago

K$H and Tulsi take more heat from Congress: Live video

4 days ago

Denmark military were prepared to blow up Greenland runways

4 days ago

Liz Warren endorses Graham Platner for Maine Senate

4 days ago

WATCH LIVE: Another rough morning for Sex Pest Pete

4 days ago

Mysterious drones spotted over base housing Rubio, Hegseth

4 days ago

Gas headed up to $4/gallon

4 days ago

Joe Kent under FBI investigation for leaking classified info

4 days ago

White House just posts dignified transfer photos anyway

4 days ago

North Carolina Cybertruck owner thought the libs were over it

4 days ago

Brent Crude Oil BOOMING! Value hits $110!

4 days ago

Thune tells Fox News no one in GOP listens to anything he says

4 days ago

State Department facility near Baghdad hit with Katyusha rockets

4 days ago

Cameras off for Wednesday dignified transfer at Dover AFB

4 days ago

Jerome Powell celebrates escape from justice for his horrible atrocities of corruption by leaving interest rate unchanged

4 days ago

“They’re feeling it far worse than we do”

4 days ago

x
x
x
x
x
x