Tag Archives: ExxonMobil and Shell

COMMENTARY: Oil, the environment and climate change – By David Jessop

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It is not often that well-resourced and politically powerful companies such as ExxonMobil and Shell suffer historic defeats. However, last month, in different ways, both oil majors saw activist shareholders and environmentalists cause them and the international energy sector, to have to think hard about what the future holds for hydrocarbons.

On May 26, a small hedge fund, Engine No 1, which held a 0.02% shareholding in Exxon worth about US$50mn, led a powerful dissident shareholder group to propose the election to the main board of the oil giant, four alternative nominees. Two with proven track records in creating significant earnings for energy companies and strong environmental credentials, were elected immediately, and a third was confirmed to its board a short while later.      Continue reading

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