On Thursday investors woke up to a new reality where shareholder rebellions and a landmark court decision had redefined the battle against climate change, with activist shareholders leading the way.
A calculated move, led by an activist hedge fund Engine No. 1 forced Exxon to add former refining executives Gregory Goff and Kaisa Hietala as board members. The vote is ongoing, and more of the hedge fund’s nominees may also be appointed. Chris James, the founder of Engine No. 1 that led the attack, told Bloomberg that the idea for the activist hedge fund came from his realisation that radical shifts to move away from the use of fossil fuels were taking place in the energy sector. At Chevron, another shareholder rebellion took place when a majority of shareholders supportedThe full article is only available to members
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