Business

ExxonMobil shareholders to decide on future of oil major


Proxy fight over energy energy ExxonMobil intends to reach a peak on Wednesday, when shareholders will vote on the company’s management և strategy, which will also be a decision on the future of the oil industry.

The vote follows pressure from engine No. 1, an active hedge fund that wants the biggest US oilmaker to cut capital spending and find a new program that he says should be aimed at “speeding up energy rather than delaying.” »On: cleaner energy,

The hedge fund launched its activist propaganda in December, nominating four new individuals to be elected to the company’s board of directors.

“This could be a significant turning point for the oil industry,” said Edward Mason, Generation Investment Management’s Director of Involvement. “If the No. 1 candidates in the engine are selected, the responsible investments will really show their muscles, և the investor’s investment will be clear of zero liabilities.”

In: Proxy fight Exxon has said it will spend at least $ 35 million on shareholder mediation, with Engine No. 1 expecting $ 30 million. The company even contacted some small shareholders for support.

The votes of Exxon’s largest investors will be crucial for the result. The fund managers are Vanguard, BlackRock և State Street, who generally own more than one-fifth of the company’s stock.

The Calpers, Calstrs and New York State Joint Retirement Fund pension systems, as well as European Asset Manager Legal & General Investment Management, said they would vote Wednesday on the No. 1 engine bill. America’s two largest Proxies approved some hedge fund nominees this month.

Engine No. 1 alone has a stake in the $ 247 billion company, which for less than a decade has been the largest in the world by market capitalization.

Years: high costs և rising debts Some Exxon shareholders were disappointed, although the company maintained its dividend last year, despite losing more than $ 20 billion as the epidemic և crumbling oil prices ruined its business.

Engine No. 1 says that Exxon’s focus on oil and gas suggests that “Existential” risk as competitors prepare for a lower carbon world.

Exxon has already appointed new directors, announced that it is even more to reduce planned costs, began to report emissions from its products, announced new low-carbon enterprises.

“This may be the most important shareholder vote in Exxon history,” said Paul Sanki, an oil analyst at Sankey Research.

Darren Woods, chief executive, ruled out a difficult energy clean-up; he told the Financial Times last week that Exxon would “address the low carbon future and its challenges” while “providing the goods the public needs”.

Newsletter twice a week

Energy is the irreplaceable business of the world, and “Energy Source” is its newspaper. Every Tuesday: Thursday, right in your inbox, the Power Source brings you important news, progress analysis և inside information. Register here,



Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button