A year ago, Chris James was storming the barricades at ExxonMobil. His little activist hedge fund Engine No. 1 was pushing for four seats on the board of the conservative oil supermajor — and won three of them.
As Exxon again counts shareholder votes at its annual meeting this Wednesday, James sounds pleased. The company’s share price is up almost 60 per cent. The board has recommended re-election of all three of Engine No. 1’s victorious nominees.
Some of Engine No. 1’s criticisms — that the Texas company was putting itself at “existential risk” by spending big on oil and natural gas megaprojects, and failing to reckon with the business threat posed by the energy transition — seem to have been heard.
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