The oil and gas giant ExxonMobil is about to announce the final results of the latest election to its board of directors, with three of the 12 seats going to far-left climate activists, according to CNN.
Preliminary results of the shareholders’ votes indicate that two of the board’s seats have already gone to activists from the hedge fund Engine No. 1, with a third activist likely to be elected to the final seat. The other nine seats all went to members of ExxonMobil’s preferred slate of candidates, still giving the company an overwhelming majority of the board.
In a statement addressing the election results, chairman and CEO Darren Woods said that “we look forward to working with all of our directors to build on the progress we’ve made to grow long-term shareholder value and succeed in a lower-carbon future. We thank all shareholders for their engagement and participation, and their ongoing support for our company.”
Engine No. 1, which had run four candidates in total for the board of directors, praised the election results. The company, which had been openly critical of ExxonMobil in the past for allegedly contributing to “global warming,” said that they “are grateful for shareholders’ careful consideration of our nominees and are excited that these three individuals will be working with the full board to help better position ExxonMobil for the long-term benefit of all shareholders.”
ExxonMobil has suffered serious financial setbacks in recent years, losing almost $200 billion since 2013, when it peaked as the world’s most valuable company. In 2020, it fell out of the Dow Jones Industrial Average after having been a member of the index since 1928. From 2015 to 2020, prior to the coronavirus pandemic, the company saw a decrease in total return of about 17.5 percent, making it the only one of the five major oil companies to see a net loss during that time period. Although it has seen a rebound in 2021 due to spiking oil prices, the company has come under fire both for its recent financial troubles and its alleged failure to combat “global warming.”