The oil giant’s unexpected boardroom defeat by an activist investor hinged on a few key moments.
The tension between climate goals and lifting Exxon Mobil’s profits could make it difficult for activists to make progress.
Shareholders elected at least two of the four directors nominated by a coalition of investors that said the oil giant was not investing enough in cleaner energy.
The oil company will hold a contested election for four board seats at its annual shareholders meeting on Wednesday.
Big oil companies lost billions in 2020 because of the pandemic and face broad questions about how they will adapt to climate change and regulations.
Exxon Mobil is struggling to find its footing as demand for oil and gas falls and world leaders and businesses pledge to fight climate change.