Exxon Set Stage for Its Own Defeat, New York’s DiNapoli Says (1)

Exxon Mobil Corp.’s failure to act on previous investor demands to tackle climate change led to the company losing a proxy fight with an activist shareholder, said New York’s comptroller.

“The fact that Exxon hasn’t been responsive up until now, in a way they set the stage for their own defeat,” Thomas DiNapoli said in a Bloomberg TV interview.

The $254.8 billion state pension fund overseen by DiNapoli supported investor Engine No. 1’s activist campaign, which culminated Wednesday with a dramatic vote at Exxon’s annual shareholder meeting. At least two of Engine No. 1’s slate of nominees were voted ...