The new board member is likely to join two other candidates put forward by an activist investor who were declared winners last week. Activist investors who dealt a stunning defeat to Exxon Mobil last week secured a third seat on the company’s board on Wednesday when the oil giant announced updated results of a shareholder vote. While the first two new dissident board members were oil company veterans, the newest member has strong environmental credentials and is expected to pose more of a challenge to senior management. Having a third director on the board will give the activists greater say in big corporate decisions and Exxon’s strategy, though they will still be up against nine people picked by the company’s management, who will presumably be more likely to back executives on crucial questions.
By Clifford Krauss. New York Times. June 2, 2021.