Case Study

ExxonMobil Proxy Battle in May 2021

Written by team at Act Analytics On June 11, 2021

On Wednesday, May 26th, 2021, there were a number of events that will accelerate energy company responses to climate change. One of these was activist hedge fund Engine No. 1 managing to secure two seats on Exxon-Mobil’s board. The two new board members were nominated to drive the firm to respond more proactively in mitigating climate change by reducing carbon emission to net zero by 2050. This outcome represents a major win for environmentally-concerned investors. Exxon’s CEO, Darren Woods, opposed the nominees.