ExxonMobil Corporation yesterday disclosed that its shareholders re-elected eight of its members to the Board of Directors along with two fresh faces put forward by Engine No. 1, a small hedge fund that owns 0.02 percent of the oil giant’s stock.
According to the preliminary results of the votes cast at its Annual Shareholders Meeting, Darren Woods (Chairman and President), Michael Angelakis, Susan Avery, Angela Braly, Ursula Burns, Kenneth Frazier, Joseph Hooley and Jeffrey Ubben were re-elected to serve as ExxonMobil’s Directors. Elected from Engine No. 1’s nominees were Gregory Goff and Kaisa Hietala.
Engine No. 1’s victory marked a huge breakthrough in campaigners’ efforts to put the climate crisis at the centre of American capitalism and the global oil business, said supporters.
Reuters said in a report the result will add to pressure on Woods, who campaigned to convince shareholders to shoot down the board challenge and argued the company was already advancing low carbon projects and improving profits.
“Today, we heard shareholders communicate a desire for ExxonMobil to further these efforts,” Woods said in a statement. “We’re well positioned to do that.”
The outcome was not yet determined for ExxonMobil Director candidates Steven Kandarian, Douglas Oberhelman, Samuel Palmisano and Wan Zulkiflee, and for Engine No. 1 candidate Alexander Karsner. A fourth Engine No. 1 candidate, Anders Runevad, was not elected.
The preliminary vote count is subject to certification by the Independent Inspector of Elections. Furthermore, OilNOW understands that the board will reconsider two shareholder proposals that received majority shareholder approval. Both relate to lobbying issues.
Following the results, Woods said, “We welcome all of our new Directors and look forward to working with them constructively and collectively on behalf of all shareholders.”
The Chairman added, “We’ve been actively engaging with shareholders and received positive feedback and support, particularly for our announcements relating to low-carbon solutions and progress in efforts to reduce costs and improve earnings…”
Furthermore, ExxonMobil was keen to remind that it has developed a portfolio of investment opportunities in high-return, low cost-of-supply projects while adding that it has already significantly reduced emissions and set clear plans for further reductions to 2025. It categorically stated that these actions are consistent with the goals of the Paris Agreement.
