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IPFS News Link • Oil

Engine No. 1 wins at least 2 Exxon board seats as activist pushes for climate strategy change

• by Pippa Stevens

Activist firm Engine No. 1 won at least two board seats at Exxon following a historic battle over the oil giant's board of directors, signaling investors' support for greater disclosure from the company as the world shifts away from fossil fuels.

The vote over a third candidate proposed by Engine No. 1 was too close to call as of 3 p.m. on Wall Street.

"We're looking forward to welcoming the new directors," Exxon CEO Darren Woods said Wednesday on CNBC's "Closing Bell." "I look forward to helping them understand our plans and then hear their insights and perspectives."

Engine No. 1, which has a 0.02% stake in Exxon, has been targeting the company since December, pushing the oil giant to reconsider its role in a zero-carbon world.

Wednesday's vote came during Exxon's annual shareholder meeting, where CEO Darren Woods fielded questions from shareholders ranging from the company's dividend to Exxon's investments in carbon capture technology.