Exxon Mobil Corp shareholders are pushing for a third seat to the company’s board, according to the Wall Street Journal. Leading nominee, Engine No. 1, will play an activist role on Exxon’s push towards carbon neutrality and serve investor interests
Engine No. 1 owns a small fraction of Exxon stock and already has two board seats in the company, below its push for four.
The final vote on the third nominee is yet to be concluded although Engine No. 1 was the preferred contestant in Wednesday vote count.
The push for a third seat in Exxon board adds pressure to CEO Darren Woods who has been against Engine No. 1’s addition of more seats.
Engine No. 1 has been vocal against Exxon Mobil, raising investor concerns and taking on the company’s climate change strategy despite only owning 0.02% of the stock.
Engine No. 1 has always pushed Exxon to diversify investments even as the CEO has advocated for higher spending in the oil and gas sectors.
Depressed fuel demand due to the pandemic saw Exxon post a $22 billion loss in 2020 which has become a concern for investors.
Exxon stock is currently declining. XOM: NYSE is down 0.64% on premarket.
