The activist investor leading a proxy fight to reshape Exxon Mobil Corp. on March 15 named the four directors it wants shareholders to remove at the oil company’s upcoming annual general meeting.
The investor, Engine No. 1, is a small fund that last year took on the top U.S. oil producer for what it said was poor financial returns and a lagging approach to cleaner fuels. Exxon since has vowed to cut its debt, invest more in low-carbon initiatives, and improve returns.
The fund singled out for removal three former chief executives of U.S. companies and the former head of Malaysia's state-run oil firm who joined the board last month.
Exxon has named three new directors since February.
A spokesman for the oil firm did not immediately reply to a request for comment.
Engine No. 1, which counts pension fund California State Teachers’ Retirement System (CalSTRS),among its supporters, asked shareholders to vote against the re-election of former MetLife CEO Steven Kandarian, former Caterpillar CEO Douglas Oberhelman, former IBM CEO Samuel Palmisano, and former Petronas CEO Wan Zulkiflee.
The three U.S. executives “have destroyed shareholder value and generated significant long-term risk for investors,” Engine No. 1 said in a statement. Wan Zulkiflee, who joined the Exxon board last month after Engine No. 1 launched its campaign, “is not as relevant for a public company in need of transformative and successful energy experience,” the fund said.
The activist fund’s nominees include Gregory Goff and Anders Runevad, former chief executives of oil refiner Andeavor and wind-turbine manufacturer Vestas Wind Systems, respectively; Kaisa Hietala, former head of renewable fuels at refiner Neste; and former U.S. Assistant Secretary of Energy for efficiency and renewable energy, Alexander Karsner.
Recommended Reading
Chevron’s Tengiz Oil Field Operations Start Up in Kazakhstan
2024-04-25 - The final phase of Chevron’s project will produce about 260,000 bbl/d.
US Raises Crude Production Growth Forecast for 2024
2024-03-12 - U.S. crude oil production will rise by 260,000 bbl/d to 13.19 MMbbl/d this year, the EIA said in its Short-Term Energy Outlook.
Iraq to Seek Bids for Oil, Gas Contracts April 27
2024-04-18 - Iraq will auction 30 new oil and gas projects in two licensing rounds distributed across the country.
Sangomar FPSO Arrives Offshore Senegal
2024-02-13 - Woodside’s Sangomar Field on track to start production in mid-2024.
NAPE: Chevron’s Chris Powers Talks Traditional Oil, Gas Role in CCUS
2024-02-12 - Policy, innovation and partnership are among the areas needed to help grow the emerging CCUS sector, a Chevron executive said.