1 has nominated four directors to Exxon's board. 1 and CURE said the current board, which has overseen poor performance, should not be permitted to choose its own new members. 1 and hedge fund DE Shaw "piece meal, cosmetic half steps to stave off real change."īoth Engine No. Greed is the motivating factor of course for both fraudster and victim. The amount raised by the company was 55 million. The coalition called Exxon's moves to address pressure from Engine No. Securities and Exchange Commission has recently charged the founder of a fintech company with fraud after it was allegedly able to defraud investors and misappropriate funds. This is no longer tenable," the group, calling itself the Coalition United for a Responsible Exxon (CURE), wrote in a letter seen by Reuters. "Exxon has ignored both the desires of its key stakeholders and the financial risks and opportunities of the transition happening in energy markets toward cleaner, more sustainable forms of energy. 1, an activist investment firm that joined forces with the California State Teachers Retirement System.Ī coalition of investors that includes Seattle City Employees Retirement System, Dana Investment Advisors and Members of the Interfaith Center on Corporate Responsibility and invests more than $2 trillion told Exxon on Tuesday they are unhappy and will speak publicly and privately. "Today's patchwork of announcements do not materially alter ExxonMobil's long-term trajectory nor do they position it to succeed in a changing world," said Engine No. Of this 25 billion however, 17 billion in transactions involved either M&A activity or private equity (PE) investment (Exhibit 3).
The board change failed to mollify critics who want Irving, Texas-based Exxon to overhaul itself by focusing more on clean energy to improve its financial performance. From 2014 to 2019, investors poured 25 billion into engineering and construction (E&C) technology, up from 8 billion over the previous five years. Financial technology has been used to automate investments, insurance, trading, banking services and risk management. (XOM.N) on Tuesday to move more quickly and forcefully to improve returns and focus on clean energy, hours after the oil company reported an historic annual loss and said it added a new director to its board.Įxxon reported a net annual loss of $22.4 billion for 2020 and named Tan Sri Wan Zulkiflee Wan Ariffin, the former head of Malaysia's state oil company, as an independent director. BOSTON, Feb 2 (Reuters) - Dozens of unhappy investors told Exxon Mobil Corp.
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