Rebel shareholders with percent of the vote – The Washington Post

Source: Rebel shareholders with percent of the vote – The Washington Post

ExxonMobil shareholders voted Wednesday to install at least two new independent directors to the company’s board, a resounding defeat for chief executive Darren Woods and a ratification of shareholders’ unhappiness with the way the company had been addressing climate change and its lagging financial performance.

The votes were part of a day of reckoning for an oil and gas industry already struggling over how to deal with climate change. In Europe, a Dutch court ordered Royal Dutch Shell, considered one of the more forward-thinking companies in the industry, to make deeper-than-planned cuts in greenhouse gas emissions. And in the United States, Chevron lost a shareholder vote directing the company to take into account its customers’ emissions when planning reductions.

The balloting at the storied oil giant ExxonMobil “sends an unmistakable signal that climate action is a financial imperative, and leading investors know it and are demanding change,” said Fred Krupp, president of the Environmental Defense Fund. “This is a watershed moment for the oil and gas industry. It’s no longer tenable for companies like ExxonMobil to defy calls to align their businesses with decarbonizing the economy.”