Activists win two seats on Exxon board

The hedge fund Engine No. 1, critical of Exxon's environmental strategy, won an unprecedented victory Wednesday when it convinced shareholders to elect two representatives/activists to the oil giant's board of directorsReuters reports.

This appointment comes as a defeat for the company's CEO, Darren Woods, who will have to deal with at least two voices advocating aligning the company with global movements to combat climate change. Exxon's board of directors has 12 members, half of whom are chosen by Woods.

At this point, Gregory Goff and Kaisa Hietala have already been elected to sit on the oil company's board of directors, and the counting is still going on. With this meeting, the dissident group, led by Engine No. 1, intends to replace up to a third of the members who sit on the company's board of directors.

The entry of new elements into management should force Exxon to change its strategy, with a greater focus on renewable energy and a divestment in oil production.

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