When upstart activist hedge fund Engine No. 1 secured three seats on the board of ExxonMobil, in June, it was a high-profile repudiation of the way the country’s largest oil company has long conducted business: with a laser focus on returns and a blind eye to its impact on the world at large. The fund vowed to push ExxonMobil to develop a plan to address climate change and reduce its carbon footprint. Exxon’s responsibility as a business would no longer be only to its shareholders, the boardroom showdown signaled, but also to the public and the planet.
To pull off this coup, however, Engine No. 1 first needed to woo other, bigger shareholders. Launched in December 2020 with a goal of getting companies to prioritize long-term value, the fund found a perfect first target in Exxon. The oil company had ignored the kinds of renewable investments that would set it up for future success, and its stock had been plummeting. Though Engine No. 1 held just 0.02% of the company, it persuaded some of Exxon’s largest shareholders, including BlackRock and the California State Teachers’ Retirement System, that the company’s myopia was a liability. “I think the issue you’ve seen at Exxon, really for years, is an overly short-term focus and a real disregard for the way the industry has changed, where the world is changing,” Charlie Penner, who leads campaigns at Engine No. 1, told Fast Company.
هذه القصة مأخوذة من طبعة September 2021 من Fast Company.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة September 2021 من Fast Company.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
Where the Clean Energy Jobs Are
A data-driven guide to the skills you need and the opportunities you'll find
CAN WWE PIN THE WORLD?
AS IT MAKES ITS $5 BILLION NETFLIX DEBUT AND PREPARES FOR A GLOBAL AUDIENCE, WWE IS STILL WRESTLING WITH THE TOXIC LEGACY OF ITS COMPLICATED FOUNDER.
RADICAL VISION
POLICE DEPARTMENTS ACROSS THE COUNTRY ARE EMBRACING AI-ENHANCED SURVEILLANCE IN THE NAME OF STOPPING CRIME. HERE'S HOW ONE SECURITY FIRM IS LEADING THE EFFORT AND PROFITING OFF OUR FEARS
Brands That Matter
Our annual look at standout brands encompasses 130 honorees in nine categories, including the inaugural CMOs of the Year. Here's how 12 of those brands and three top CMOs stake out the intersection of business and culture.
The Future According to Google
Google DeepMind, the tech giant's internal AI research lab, isn't just racing to beat OpenAI to market. Under Nobel laureate CEO Demis Hassabis, it's the \"engine room\" of the entire company.
EYE OF THE BEHOLDER
SEPHORA HAS GROWN SO POWERFUL THAT IT CONTROLS WHICH BRANDS LIVE OR DIE IN THE $30 BILLION HIGH-END COSMETICS INDUSTRY. IN THIS BEAUTY CONTEST, SEPHORA ALWAYS WEARS THE CROWN.
CULTURE WARS
Brands on the Run Why Harley-Davidson, Caterpillar, and other masculine\" brands are caving to anti-DEI crusader Robby Starbuck
WORK LIFE
Law Roach, image architect and educator, answers our career questionnaire.
The AI Gadget Debacle
Here's why you shouldn't expect any mind-blowing AI-powered gifts anytime soon.
Why the future workplace will feel more like a hotel
REVEALS WHY THIS IS IMPORTANT TO CORPORATE STRATEGY AND EMPLOYEE ENGAGEMENT