Skip to main content
Welcome to
super saver spring
offer ends april 20
save over $140
save over 85%
$0.99
per week for 24 weeks
Welcome to
super saver spring
$0.99
per week
for 24 weeks
// //

Church Commissioners for England joined growing investor campaigns demanding changes at Exxon Mobil Corp and on Thursday backed calls for a board refresh and development of a strategy for the U.S. oil company’s transition to cleaner fuels.

The Church Commissioners, who manage the Church of England’s investment fund, said they were “pleased to lend their support” to proposals from new hedge fund Engine No 1 designed to “re-energise ExxonMobil”.

Exxon did not immediately respond to a Reuters request for a comment.

Story continues below advertisement

Engine No. 1, launched 10 days ago, sent a letter to Exxon this week outlining its plan to nominate four directors to the company’s board and asking the company to cut more costs to preserve its dividend.

Investors have been unsuccessfully pressing Exxon on climate change for years now, and the Church of England, New York state’s pension fund and Legal & General Investment Management backed a call this year to split the CEO and chairman roles at the company.

That proposal received 32.7 per cent votes in May, down from 41 per cent last year.

This year, however, the pressure on Exxon has risen exponentially as the COVID-19 pandemic destroyed fuel demand and sent oil prices to record lows.

On Wednesday, Reuters reported hedge fund D.E. Shaw was also pressuring Exxon to make changes and sent the company a letter this week asking it to cut costs and improve performance.

Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter. Sign up today.

Your Globe

Build your personal news feed

  1. Follow topics and authors relevant to your reading interests.
  2. Check your Following feed daily, and never miss an article. Access your Following feed from your account menu at the top right corner of every page.

Follow topics related to this article:

View more suggestions in Following Read more about following topics and authors
Report an error
Tickers mentioned in this story
Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

If you do not see your comment posted immediately, it is being reviewed by the moderation team and may appear shortly, generally within an hour.

We aim to have all comments reviewed in a timely manner.

Comments that violate our community guidelines will not be posted.

UPDATED: Read our community guidelines here

Discussion loading ...

To view this site properly, enable cookies in your browser. Read our privacy policy to learn more.
How to enable cookies