Bad day for Big Oil is big climate win for religious shareholder advocates
By Brian Roewe
June 2, 2021
What’s being called one of Big Oil’s worst days was seen by Catholic and other shareholder activists as a big victory and sign of a potential sea change in their decadeslong push for fossil fuel companies to address their central contribution to climate change.
In three separate settings on May 26, the fossil fuel industry suffered blows to business as usual.
Shareholders of ExxonMobil, once the world’s largest company, approved at least two of four alternative board candidates with backgrounds in energy transitions nominated by the activist hedge fund Engine No. 1. As of June 1, final vote counts were still pending for the other two. Shareholders also approved resolutions requiring disclosure about ExxonMobil’s lobbying activities and whether and how its lobbying aligns with goals of the Paris Agreement.