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Proxy fight in supermajor energy ExxonMobil it will reach its peak on Wednesday when shareholders voted on the company’s leadership and strategy, as well as a ruling on the future of the oil industry.
At the time of the vote, following the pressure of No. 1 engines, a U.S. hedge fund has created a hedge fund that seeks to find a new plan that would focus on reducing capital spending and “accelerating rather than accelerating the energy transition”. cleaner energy.
The hedge fund launched its activist campaign in December, to nominate four new people for the company’s board of directors elections.
“It could be an important moment for the investment and oil industries,” said Edward Mason, director of commitment to Generation Investment Management. “If no No. 1 engine candidates are selected, responsible investment will show its core and the import of zero net commitments from investors will be clear.”
The proxy battle it has been expensive, Exxon said it would spend at least $ 35 million on shareholder orders and expect the No. 1 engine to be worth $ 30 million. The company has also contacted a number of small shareholders to offer support.
The key result will be the votes of Exxon’s largest investors: Vanguard, BlackRock and State Street fund managers, who own more than one-fifth of the company’s shares.
The pension systems of Calpers, Calstrs and the New York State Common Retirement Fund and the pension systems of the European Directorate-General for Legal and Investment Managers of Assets said they will vote on Motor 1 on Wednesday. The two largest in America proxy consultants this month some candidates for the hedge fund committee were approved.
The No. 1 engine itself has a $ 54 billion stake in a $ 247 billion company that was the largest in the world with a market capitalization less than a decade ago.
Years high expenses and increased debts Some exxon shareholders have been disappointed, even though the company saved more than $ 20 billion last year in keeping its dividend when pandemics and falling oil prices destroyed the business.
According to Engine 1, Exxon reveals this focus on oil and gas “Existential” risk while competitors are preparing for a low-carbon world.
Exxon has already appointed new directors – and announced that they will come – has reduced its planned expenses, started reporting emissions from its products, and announced new low-carbon projects.
“This could be the most important shareholder vote in Exxon’s history,” said Paul Sankey, an oil analyst at Sankey Research.
Darren Woods, CEO, has dismissed the tough energy pivot and told the Financial Times last week that Exxon would “address the future of less carbon and the challenges associated with it” by “providing the products society needs”.
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