Dear subscribers,
The big business world took a real shock on Wednesday.
At the general meeting of ExxonMobil, the first American oil group which ten years ago was the largest market capitalization in the United States, an investment fund with only 0.02% of the capital won the battle.
It rallied the majority of votes to its resolutions, against the advice of management.
The result: this hedge fund, Engine 1, won two seats on Exxon's board of directors.
A snub for General Manager Darren Wood.
This showdown was played out on the climate issue.
But Engine 1 is neither Greenpeace nor Greta Thunberg.
The fund accuses the boss of Exxon, one of the most conservative groups on the issue among Big Oil, for its financial underperformance (stock price at half mast, lower performance compared to its peers, production at its lowest, debt at the highest ...) and explains it by Exxon's resistance to engage in the transition movement
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