Climate change activist investors win two Exxon Mobil board seats, with 0.02% stake in company

The hedge fund that won the new board members own less than one percent in Exxon.
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Exxon gas station.
Exxon gas station, Charlotte, North Carolina, May 12, 2021.
(LOGAN CYRUS/AFP via Getty Images)

Exxon Mobil elected at least two new board members nominated by climate change activist investors who pledged to steer the company away from oil and gas.

Activist firm Engine No. 1 won the board seats during the company's Wednesday shareholder meeting. The investment firm has a 0.02% stake in Exxon.

"We're looking forward to welcoming the new directors," Exxon CEO Darren Woods told CNBC. "I look forward to helping them understand our plans and then hear their insights and perspectives."

Since December, Engine No. 1 has been targeting the company, attempting to push it toward a more alternative-energy agenda.

Before the vote, the firm said Exxon needs a board that can "help turn aspirations of addressing the risks of climate change into a long-term business plan, not talking points."