"Three giant pension funds are set to vote against the oil titan’s management and in favor of new directors"

"A group of insurgent investors backed by the three largest pension funds in America is trying to force ExxonMobil to take climate change much more seriously — not just for the sake of the company’s viability but also for the sake of the planet.

The revolt is being led by a hedge fund, called Engine No. 1, which has charged the company not only with poor financial governance but with failing to come up with a viable strategy for dealing with the existential threat of climate change. Their campaign has built momentum by winning widespread backing from pension funds and shareholder advisory services for its proposal to install four new independent directors at ExxonMobil’s annual meeting next week over the objections of the oil giant’s management.

Engine No. 1 wants ExxonMobil to pledge to reduce its emissions to net zero by 2050, warning that this was “not just a climate issue but a fundamental investor issue — no different than capital allocation or management compensation — given the immense risk to ExxonMobil’s current business model in a rapidly changing world.”"

Steven Mufson reports for the Washington Post May 21, 2021. [2]

SEE ALSO:

"Exxon Activist Battle Turns Climate Angst Into Referendum on CEO" (Bloomberg Environment) [3]