Exxon loses board seats to activist hedge fund in landmark climate vote

  

Category:  Stock Market & Investments

Via:  evilgenius  •  3 weeks ago  •  9 comments

By:   Jennifer HillerSvea Herbst-bayliss

Exxon loses board seats to activist hedge fund in landmark climate vote
It's a huge deal.

More and more we are seeing people being more conscious of where they invest their money. Engine No 1's win here could very well be a watershed moment.


S E E D E D   C O N T E N T



A tiny hedge fund dealt a major blow to Exxon Mobil Corp on Wednesday, unseating at least two board members in a bid to force the company’s leadership to reckon with the risk of failing to adjust its business strategy to match global efforts to combat climate change.

The success by hedge fund Engine No. 1 in its showdown with Exxon shocked an energy industry struggling to address growing investor concerns about global warming. It happened on the same day activists scored a big win against another oil major, Royal Dutch Shell - a Dutch court ordered the company to drastically deepen pledged cuts to greenhouse gas emissions.   read more


Tags

jrDiscussion - desc
[]
 
evilgenius
Professor Participates
1  seeder  evilgenius    3 weeks ago

For those interested in the investment company Engine No 1 click here.

From their website (I am not affiliated nor a member of this hedge fund group).

We are Engine No. 1 — an investment firm purpose-built to create long-term value by harnessing the power of capitalism. We believe a company’s performance is greatly enhanced by the investments it makes in workers, communities, and the environment. We believe that over time the interests of Main Street and Wall Street align, and we can engage as active owners to create value by focusing on this alignment.
 
 
 
Ronin2
Masters Quiet
2  Ronin2    3 weeks ago

So when energy prices continue to go up we can add them to the list of who is to blame.

 
 
 
evilgenius
Professor Participates
2.1  seeder  evilgenius  replied to  Ronin2 @2    3 weeks ago
So when energy prices continue to go up we can add them to the list of who is to blame.

Isn't that how capitalism works? I mean ExxonMobile wasn't lowering energy prices before they lost 2 board seats.

 
 
 
Thrawn 31
Masters Guide
2.2  Thrawn 31  replied to  Ronin2 @2    3 weeks ago

Lol, energy prices went up or stalled even when demand dropped substantially for the last year. Of higher gas prices result in speeding up the transition to EVs then I am all about it.

 
 
 
bugsy
PhD Guide
2.2.1  bugsy  replied to  Thrawn 31 @2.2    3 weeks ago
energy prices went up or stalled

Not really sure about that.

Here in North Florida, the average gas price was about 215 to 220 at the end of Trump's tenure. Less than a week after Biden cut the pipeline, gas prices jumped to the 280s to 290s.

Normally I would not say a president has much to do with gas prices, but I do believe that since Trump made us energy independent, and Biden pretty much nixed that, then I believe the corresponding gas prices matched their actions.

 
 
 
Thrawn 31
Masters Guide
2.2.2  Thrawn 31  replied to  bugsy @2.2.1    3 weeks ago

Gas has been around $3 here for the last year. 

 
 
 
XXJefferson51
Senior Guide
2.3  XXJefferson51  replied to  Ronin2 @2    3 weeks ago

I sold my Exxon Mobil stock awhile back and replaced them with oil and gas commodities futures.  So as my price at the pump goes up so does the value of my portfolio to off set it to some extent. 

 
 
 
Greg Jones
Masters Expert
3  Greg Jones    3 weeks ago

Hasn't the warming stopped?

 
 
 
Thrawn 31
Masters Guide
3.1  Thrawn 31  replied to  Greg Jones @3    3 weeks ago

Um, no. 

 
 
Loading...
Loading...

Who is online

Hallux
Thomas
pat wilson
Sunshine
jw
Sean Treacy


38 visitors