Financial Times (May 28)
ExxonMobil’s annual general meeting should be “a wake-up call for other executives with a bunker mentality.” Engine No 1, an obscure hedge fund, got shareholders to elect two directors by focusing on economics, not ethics, arguing that “Exxon has been so slow to recognize the need for a transition away from fossil fuel that its revenues will crumble, destroying investor capital.” Today’s activists “are not just trying to save the world; they are also trying to save their own portfolios in a world where regulators are enforcing green standards.”
Tags: Activists, AGM, Bunker mentality, Capital, Directors, Economics, Engine No 1, Ethics, ExxonMobil, Fossil fuel, Hedge-fund, Investor, Portfolios, Revenues, Shareholders, Transition, Wake-up
Financial Times (March 2)
“ExxonMobil appointed two new board directors yesterday, its latest move to placate activist shareholders pushing for an overhaul after the US oil super-major suffered its worst year on record.”
Tags: Activists, Appointed, Board directors, ExxonMobil, Oil, Overhaul, Placate, Shareholders, U.S.
Forbes (October 29)
“Zoom is now worth more than ExxonMobil.” Reaching a market cap of $139 billion, the conferencing service pulled ahead of ExxonMobil ($138.9 billion). Revenues are an altogether different matter. “While Zoom posted $1.35 billion in revenue over the past 12 months, Exxon, by comparison, posted $213.8 billion in revenue during that time period.”
Tags: Conferencing, ExxonMobil, Market-cap, Revenues, Service, Zoom
