ImpactAlpha, June 3 – ExxonMobil chairman and CEO Darren Woods will face even more restive directors. The oil company said preliminary results showed Andy Karsner, an energy expert and self-described “passionate conservationist” will join two other candidates proposed by the hedge fund Engine No. 1 (see, “Victory for insurgents stuns Exxon as shareholders vote for a low-carbon future”).
One re-elected board director, Ursula Burns, called the shareholder revolt “a tidal wave.” Woods ranked a humbling 8th in the election for the 12-member board.
Exxon investors approved a resolution demanding a report on Exxon’s climate lobbying, and fell just short of a majority on another seeking a report on its risks in a net-zero scenario.
Fresh off of its win, Engine No. 1 is planning a “Transform 500” ETF that aims to “encourage transformational change at the public companies” via proxy-voting strategies.
