The Battle at Exxon Was About More Than Board Seats
It brings shareholder-driven climate governance to the forefront.
It’s very rare that corporate proxy elections make front-page news, but the shareholder vote at Exxon (XOM) last week was a notable exception, and for good reason.
Against the recommendation of Exxon’s own executives, two candidates were elected to the energy giant’s board immediately following the initial vote tally, and on June 2 the election of a third was confirmed. They join on a pledge to push the company away from a business model focused on climate-damaging fossil fuel, and toward a greater focus on renewable energy.
Jackie Cook does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.