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| - ExxonMobil's chief executive defended the company at its annual meeting Wednesday as the oil giant sought to fend off a major activist challenge over its policies to address climate change. ExxonMobil faces a number of climate-related votes at the gathering, which went into a one-hour recess late Wednesday morning following speeches from sponsors of the shareholder motions. The challenges include a motion to replace four board members with renewable energy advocates and measures to produce an audited report on reducing emissions and on corporate lobbying on climate change. The much-anticipated gathering comes as oil major face intensifying pressure to develop more aggressive policies on climate change. Earlier Wednesday, a Dutch court ordered oil giant Shell to slash its greenhouse gas emissions targets following a challenge launched by environmental group Friends of the Earth. Fellow US oil major Chevron also faces a series of investor votes on climate change at a meeting Wednesday. ExxonMobil, which has fought off climate proposals at annual meetings for decades, has battled the efforts of activist group Engine No. 1 to challenge the company's petroleum-centered strategy in favor of one that embraces renewable energy investments as Royal Dutch, Total and other rivals have done. "No matter what the outcome of this vote, change is coming," said Engine No. 1's Charlie Penner, who noted ExxonMobil's promises made since the insurgent campaign launched late last year that it "cannot easily walk away from." The oil company in January established a new "low carbon solutions" business to commercialize carbon capture technology; announced two new board members in March; and earlier this week pledged to appoint two more board members in the next 12 months, one with energy industry experience and one with climate experience. Chief Executive Darren Woods said ExxonMobil "appreciates open dialogue" with shareholders and was proud of the steps taken so far. "Our current board of directors is among the strongest in the corporate world," Woods said shortly after Penner's remarks. The vote on the new board members is expected to be close, with US business media pointing to BlackRock, Vanguard and State Street as potentially decisive in the outcome. The three firms, which together manage about 20 percent of ExxonMobil's shares, have not publicly taken a position. Besides the vote on the board's composition, ExxonMobil also faces a shareholder proposal to prepare an audit on the financial impacts of the International Energy Agency's "Net Zero" 2050 scenario. The IEA earlier this month said all future fossil fuel projects should be scrapped if the world is to reach net-zero carbon emissions by 2050 and stand any chance of limiting warming to 1.5C. ExxonMobil also faces votes on a proposal to report on its corporate lobbying associated with the Paris Climate Agreement and one on the costs and benefits of environmental-related expenditures. The oil company has opposed all of the measures. Once the biggest company in the Fortune 500, ExxonMobil was kicked out of the prestigious Dow index in 2020 amid a series of losses during the Covid-19 downturn. The company' s share price rose 0.3 percent to $58.42 in late-morning trading. jmb/hs
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