REENERGIZE EXXON

The energy industry and the world are changing

To protect and enhance value for shareholders, we believe ExxonMobil must change as well.

‘This is a moment when real change can be made at Exxon, it’s a unique opportunity that hasn’t arisen before,’ said Edward Mason, who clashed with Exxon over shareholder resolutions in the past and is now a director at Generation Investment Management. March 4, 2021

Engine No. 1 has sensible recommendations. It wants Exxon to appoint new independent directors with outside energy experience, invest only in projects with lower break-even oil and gas prices, consider using existing skills and scale to invest in growing areas such as renewable energy, and change compensation policy that has resulted in [CEO Darren] Woods’ pay increasing about 35% over the past two years, according to the activist. December 7, 2020

‘Exxon was a superpower in every sense of the word — a blue-chip stock that handed out money year after year, a firm with a calling card to foreign leaders that rivalled even top international diplomats, and with geopolitical savvy that bested most intelligence agencies,’ said Amy Myers Jaffe, Professor at Tufts University’s Fletcher School of Law and Diplomacy. ‘It was one of the safest bets on Wall Street. But no more does it have this status,’ she adds. October 28, 2020