Economist Podcasts Caught in the activists: oil majors’ shake-ups
May 28, 2021
Vijay Vaitheeswaran, The Economist's Global Energy and Climate Innovation Editor, and Hamish Beryl, the public policy correspondent, discuss the transformative impact of activist investors on major oil companies. They highlight shareholder victories pushing ExxonMobil and Chevron towards greener practices and a Dutch court ruling mandating Shell to cut emissions. The conversation also delves into Scotland's escalating drug crisis and the leadership's proactive response, while touching on a Peruvian pop star revitalizing the Quechua language through music.
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Big Oil Shake-up
- Activist investors achieved a landmark victory by installing green-minded board members at ExxonMobil.
- This signals a shift in investor priorities towards climate action.
Engine No. 1's Impact
- Engine No. 1, a small hedge fund, successfully pushed for board changes at ExxonMobil.
- This highlights the growing influence of activist investors focused on climate change.
Building a Coalition
- Engine No. 1 rallied support from major investment funds like CalPERS and proxy advisory services.
- This broad support enabled them to overcome ExxonMobil's resistance.