A bad day for Big Oil

May 26, 2021 ☼ climateoil

Source: The Washington Post

Link: A bad day for Big Oil

ExxonMobil shareholders voted Wednesday to install at least two new independent directors to the company’s board, a resounding defeat for chief executive Darren Woods and a ratification of shareholders’ unhappiness with the way the company had been addressing climate change and its lagging financial performance.

The votes were part of a day of reckoning for an oil and gas industry already struggling over how to deal with climate change. In Europe, a Dutch court ordered Royal Dutch Shell, considered one of the more forward-thinking companies in the industry, to make deeper-than-planned cuts in greenhouse gas emissions. And in the United States, Chevron lost a shareholder vote directing the company to take into account its customers’ emissions when planning reductions.

They can, and must, do more.