The result of last week’s shareholder vote has installed the hedge fund, named Engine No 1 after a San Francisco fire station, as a reluctant hero of the climate movement. “This debate should not be ideological,” Chris James, the founder of Engine No 1, told the Guardian. Its failure to adapt to a low-carbon agenda has provoked outrage among climate campaigners and growing unease among its investors. Exxon was once the biggest listed company in the world, with a market value of $520bn before the financial crash in 2008. They both voted to oust two of Exxon directors in favour of Engine No 1’s candidates.

Source: The Guardian June 04, 2021 06:00 UTC