The Intelligence from The Economist Caught in the activists: oil majors’ shake-ups
May 28, 2021
Vijay Vaithi Swaran, The Economist’s Global Energy and Climate Innovation Editor, and Hamish Beryl, a public policy correspondent, dive into the seismic shifts in the oil industry driven by activist investors. They dissect how ExxonMobil is adapting with green board members while Chevron faces pressure to cut carbon. The discussion takes a turn to Scotland's alarming drug-death crisis, revealing governmental response efforts amid historical neglect. They also explore the cultural impact of music in Peru, showcasing the revival of the indigenous Quechua language.
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Big Oil Under Pressure
- Activist investors are pushing for change in big oil companies, signaling a shift in investor priorities.
- ExxonMobil, Chevron, and Shell faced pressure to cut emissions, indicating a growing concern for climate change among investors.
ExxonMobil's Defeat
- Engine No. 1, a small hedge fund, successfully installed two green-leaning board members at ExxonMobil.
- This marks the first time a major US corporation has bowed to activist investor pressure on climate change.
Investor Pressure Grows
- Chevron shareholders voted for more aggressive climate action, echoing the sentiment at ExxonMobil.
- This signals a broader shift in investor expectations, even in oil-friendly regions.