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ExxonMobil’s governance structure fails energy transition, says Engine No 1

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The hedge fund company claims the energy giant has invested in oil and gas projects that should not have been approved

London — A failing governance structure propagated by a management without a strategy for the energy transition was behind Engine No 1’s quest to bring independence to ExxonMobil’s board, says Chris James, founder of the US hedge fund.

“This is a company that has lost its social licence … It needs to look at the energy transition as an opportunity to be part of the solution instead of the problem.” ExxonMobil has instead invested in new projects in the oil and gas arena that should not have been approved and wasted capital, James said, adding that the company had some of the most talented engineers in the world.

In response to a request for comment, ExxonMobil said: “We evaluate our investments across a range of scenarios — including net-zero pathways — and we look forward to sharing more details in the coming months.

 

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