Activist fund expected to win third seat on ExxonMobil board

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.