A public battle is raging over how ExxonMobil should face questions about long-term oil demand and prepare for a carbon-constrained world, as activist shareholder investment group Engine No. 1 readies to nominate new ExxonMobil board members.
According to Axios, two huge pension funds—California Public Employees’ Retirement System and the New York State Common Retirement Fund—have thrown their weight behind Engine No. 1, which says its board members will be equipped to deal with the long-term fossil fuels issues the oil giant faces.
These two funds add to prior backing from the California State Teachers’ Retirement System, meaning the country’s three largest pension funds back the effort.
The unusually high-profile shareholder battle is something of a microcosm of larger questions about the future of Big Oil, but it is also specific to ExxonMobil (also a major Baton Rouge employer) as an outlier among oil giants because it has not diversified as widely as its European peers.
The battle will come to a head at ExxonMobil’s May 26 shareholder meeting. Read the full story.