Engine No. 1, with the support of the California State Teachers' Retirement System (CalSTRS), has nominated a third director to ExxonMobil’s board.
“Shareholders have the power to effect change at even the most resistant companies and contribute to the sustainable value of their investments,” said CalSTRS in a statement. “This historic board election will strengthen ExxonMobil for the future.”
This action follows the appointment of two other board members in May, months after CalSTRS called for a revamp of the board. CalSTRS said the oil giant’s earlier financial loss of $22 billion was proof of “the continued erosion of shareholder value.”
CalSTRS called ExxonMobil’s plan to invest $3 billion over five years on carbon capture and lower-emission energy technologies inadequate, as it represents a small percentage of ExxonMobil’s annual capital expenditures, adding that Exxo
