Engine No. 1 Sends Letter to ExxonMobil Board Countering Company’s Claims of Progress on Emissions and Long-Term Strategy
Engine No. 1’s Letter Details Review with Experts of ExxonMobil’s Recent Claims Regarding Paris Agreement Consistency and Carbon Capture
Engine No. 1’s Nominees Have the Relevant Experience and Skills to Better Position the Company for Long-Term, Sustainable Value Creation
In its letter, Engine No. 1 notes that while
In its letter, Engine No. 1 stated, “None of the Company’s new claims change its long-term trajectory which would grow total emissions for decades to come. This is not consistent with, but rather runs directly counter to the goals of the Paris Agreement. We also continue to believe that without new members of the Board with the necessary expertise and experience,
“This is not just a climate issue but a fundamental investor issue – no different than capital allocation or management compensation – given the immense risk to ExxonMobil’s current business model in a rapidly changing world,” Engine No. 1 also stated in its letter.
Engine No. 1 stated in closing that, “While the Company has pointed to the frequency with which the Board refreshes itself, we believe it is telling that such refreshment over the years has not been accompanied by a new direction or material progress on these issues. We believe that enhancing the Company’s long-term future requires a clean break with the past, and we look forward to continuing to make the case for real change at ExxonMobil.”
The full text of the letter is available here.
Additional information regarding Engine No. 1’s campaign to reenergize
About Engine No. 1
Engine No. 1 is an investment firm purpose-built to create long-term value by driving positive impact through active ownership. The firm also will invest in public and private companies through multiple strategies. For more information, please visit: www.Engine1.com.
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Source: Engine No. 1