Activist fund expected to win third seat on ExxonMobil board
by Jasper Jolly from Environment | The Guardian on (#5JKKS)
Third director nomination secured by Engine No 1 amid growing pressure over fossil fuels
ExxonMobil expects to lose a third board seat to an activist hedge fund, Engine No 1, adding to the pressure on one of the world's largest oil companies to introduce a more effective climate transition plan.
The Texas-based producer announced late on Wednesday that lawyers counting shareholder votes had found a third director nomination was secured by Engine No 1, which argued Exxon had not done enough to prepare for the global shift from fossil fuels.
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