FT News Briefing Introducing Behind the Money, Inside ESG: The tiny fund that took on a US giant and won
Oct 9, 2021
Charlie Penner, Head of Active Engagement for Engine No. 1, discusses his hedge fund's groundbreaking proxy campaign against ExxonMobil. He highlights how a small fund effectively challenged the oil giant's climate stance, marking a significant shift in activist investing. The conversation dives into Exxon's evolving strategies and the increasing role of smaller investors in driving sustainability initiatives. As Engine No. 1 pushes for climate-aware board members, the podcast explores the new era of activism in the corporate world.
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David vs. Goliath
- Engine No. 1, a small hedge fund, challenged ExxonMobil, a giant oil corporation, over climate change.
- They argued that Exxon needed to prepare for a future without fossil fuels to have a financial future.
A Different Approach
- Engine No. 1's approach contrasted with climate protesters' tactics.
- They used investor-focused arguments to resonate with shareholders.
The Public Letter
- Engine No. 1 sent a public letter to Exxon's management and the press.
- The letter demanded climate-literate directors and a clean fuel strategy.