Climate Activists Win Bid To Put New Members On Exxon’s Board

The oil giant will face renewed pressure to better address climate change and shift away from fossil fuels.

Exxon Mobil Corp. shareholders installed two new members to the oil giant’s board on Wednesday, a dramatic move led by activist investors that could force the company to better address climate change and ultimately transition away from fossil fuels. The move is a remarkable blow to Exxon’s leadership, which had until Wednesday largely selected its own directors for the company’s 12-member board. The new board members were pushed by a small, activist hedge fund, Engine No. 1, that garnered the support of some of Exxon’s biggest investors in calling for U.S. energy companies to shift their business models as climate change intensifies. Shareholders voted to install Gregory Goff and Kaisa Hietala, who both have experience in the energy industry, to the company’s board. Votes had not yet determined one other Engine No. 1 board candidate pushed by the activist firm, and eight of Exxon’s choices won seats, according to preliminary results.