Other - FEBRUARY 3, 2021

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Shareholders call for change at ExxonMobil

by Kali Persall

ExxonMobil has drawn criticism from shareholders such as the California State Teachers’ Retirement System (CalSTRS), in light of the oil and gas giant’s recent reported loss of $22 billion.

In a Feb. 3 statement, CalSTRS said the loss is proof of “the continued erosion of shareholder value” and that incremental changes and piecemeal carbon investments are not enough to restore investor confidence and position the company for the global energy transition.

The pension fund went on to say that ExxonMobil’s plan to invest $3 billion over five years on carbon capture and lower-emission energy technologies is inadequate, as it represents a small percentage of ExxonMobil’s annual capital expenditures.

“We are concerned that this minor investment is not part of a bigger and more significant long-term strategy to remain competitive in a rapidly changing world,” stated the pension fund.

CalSTRS has called for a revamp of ExxonMobil’s board, saying

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