Big Oil Companies Take Some Big Hits on Climate Change
I'm looking here to list of the biggest corporations based on their market capitalisation what the company is worth overall. Exxon ranks thirty third which is pretty big. It's a big company but it used to be number one. Exxon is worth a fraction of. What some big tech companies are these days in fact. Exxon is worth a lot less than exxon used to be worth. It faces big uncertainties because of climate change and that is the context for a meaningful shareholder. Move a tiny hedge fund managed to place two new directors on exxon's board and maybe more in an attempt to shift exxon's business strategy toward renewable energy. it's one of many oil companies under pressure. So we're gonna discuss this with. Npr's camilla dominance. Good morning. Good morning what happened to exxon well. A brand new hedge fund started last year with the express purpose of putting new members on exxon's board over the intense opposition of exxon's current leadership. This hedge fund argued that one exxon had made bad investments. That's part of the reason why they are not the corporate titan that they used to be like you mentioned they also said fundamentally. The exxon doesn't have a good plan for preparing for a world that tackling climate change and. I'll emphasize here. These are investors making an a financial argument other investors right. They're not saying exxon needs to stop burning oil because it's bad for the planet. This argument is look. The world might stop buying oil because of concerns over climate change so exxon better have something else to sell them. It'd be bad business not to prepare for that. And this tiny fund persuaded enough other shareholders to join them that they actually one at least two of these seats in in this election.