Big Oil dealt blows

This proxy fight win for Engine No. 1 shows that investors see the salience of climate strategy for future performance of energy companies. The link between climate/sustainability and performance may vary but is as important in other sectors, ranging from food and apparel to transportation. Here's to more corporate governance tactics in the interest of rebalancing our relationship with nature.

Exxon Board Will Seat At Least Two Activist Candidates. Why the World’s Oil Companies Can’t Fight Change. I see this as a big step forward for managing climate change. But, one thing I have learned after a fair number of trips around the sun is that there is a balance and we must also never be too rash on change. We must prioritize the changes needed to build a greener and sustainable future but must do so gradually. This is a nice way to gradually do this imho. What are your thoughts? #climatechange #sustainability #shareholder

Today is truly a watershed moment for Exxon Mobil and the entire oil and gas industry. An activist investor owning just 0.02% of Exxon's stock won at least two seats on the oil giant's board (with the vote still being counted), arguing Exxon was not ready for the energy transition. It's a historic defeat that will likely force Exxon to alter its fossil-fuel focused strategy and more directly confront growing shareholder concerns about climate change. https://lnkd.in/esgJKDZ

This proxy fight win for Engine No. 1 shows that investors see the salience of climate strategy for future performance of energy companies. The link between climate/sustainability and performance may vary but is as important in other sectors, ranging from food and apparel to transportation. Here's to more corporate governance tactics in the interest of rebalancing our relationship with nature.

It's official! Engine No. 1 wins at least 2 ExxonMobil board seats. See below. An historic day for sure.

This one bears watching as it is a bit of a referendum on OUR future. Props to BlackRock for putting their proxy votes where their mouth and letters have been, Legal & General, CalSTRS, CalPERS, and NEW YORK STATE COMMON RETIREMENT FUND. What will you do State Street, Vanguard and others? #stewardship #climaterisk CAIA Association CFA Institute Anthony Cowell Graeme Griffiths Arun Kelshiker, CFA, CAIA SVT Group Sara Olsen Scott Nance, CAIA CapShift Responsible Asset Owners Global Symposium Principles for Responsible Investment

The fight demon­strates the chal­lenge fac­ing Mr. Woods: He is de­fend­ing Exxon’s pump­ing of oil and gas just as fi­nance is mov­ing de­ci­sively to­ward fund­ing a fu­ture based on re­new­able re­sources.

Exxon’s future is on the line thanks to responsible shareholder activism. “In a 2019 meet­ing of busi­ness lead­ers with Pope Fran­cis at the Vat­i­can, the pon­tiff im­plored the CEOs and ex­ec­u­tives of Exxon, BP PLC, Royal Dutch Shell PLC, Black­Rock, State Street Corp. and oth­ers to ac­cept moral re­spon­si­bil­ity to help clean up the planet. Mr. Woods ac­knowl­edged the need to ad­dress cli­mate change, but he said Exxon had to do so in a way that sat­is­fied its oblig­a­tion to gen­er­ate re­turns for share­hold­ers. His re­sponse frus­trated his peers at the meet­ing, which was per­ceived as tone deaf, peo­ple fa­mil­iar with the mat­ter said.” ... now shareholder activists, including BlackRock, Vanguard and three major state pension funds are pressing for change. Moral of the story: there’s no time like the present to get with the ESG program. #esgstrategies #esgactivism #stakeholdersvaluesvalued #climatechange #stopthegreenwashing #esgic

Another instance of democratization of the corporation. #strategyandtransformation #democratisationofcorporation