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Exxon Pledges to Add Climate Expert to Board as Showdown Nears

May 24, 2021, 2:31 PM

Exxon Mobil Corp. pledged to add climate expertise to its board of directors just 48 hours before shareholders consider an activist effort to overhaul the Western world’s biggest oil explorer.

In an apparent bid to appease climate-conscious investors, Exxon said one of two new board seats will go to someone with “climate experience.” The other will be filled by someone with “energy industry experience,” Lead Director Ken Frazier and Chairman Darren Woods said in a letter to shareholders on Monday.

READ: Exxon Activist Battle Turns Climate Angst Into Referendum on CEO

Activist investor Engine No. 1 is seeking to replace ...