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Vehicles refueling at an Exxon Mobil Corp. gas station in Houston, Texas, in October 2020. Photo: Callaghan O'Hare/Bloomberg via Getty Images

Exxon is pledging more board additions ahead of a showdown with activist investors pressing for more aggressive moves on climate change and capital discipline on oil development.

Why it matters: The move comes just ahead of Wednesday's annual meeting, when shareholders will vote on whether to approve four board members nominated by the investment group Engine No. 1.

Driving the news: The company said that over the next 12 months it would add two new members, "one with energy industry experience and one with climate experience."

  • The May 23 shareholder communication was disclosed in this filing Monday.
  • The letter, which also touts recent board additions, says the company's capital allocation strategies, cost cuts and expanded climate efforts mean it's "positioned for success."

The other side: "If ExxonMobil’s Board is sincere in its desire to add more relevant experience, then it can wait to see what the outcome of this election is," Engine No. 1 said in a statement.

What they're saying: Andrew Logan, of the sustainable investment advocacy group Ceres, tells Reuters that Exxon's move is aimed at swaying major investors including BlackRock and Vanguard ahead of the vote.

Go deeper: The showdown over Exxon's climate future is here

Go deeper

UN report: Effects of climate change even more severe than we thought

A wildfire burns in a forest over the village of Gouves, on the island of Evia, Greece, on Sunday, Aug. 8, 2021. (Konstantinos Tsakalidis/Bloomberg via Getty Images)

Global warming is happening so fast that scientists now say we'll cross a crucial temperature threshold as early as 2030 — up to a decade sooner than previously thought — according to a sweeping new UN-sponsored review of climate science published Monday.

The big picture: Atmospheric CO2 concentrations were higher in 2019 than at any time in at least 2 million years, and the past 50 years saw the fastest temperature increases in at least 2,000 years, according to the new assessment by the Intergovernmental Panel on Climate Change (IPCC).

Trump voices support for Saturday's pro-Capitol riots rally

Photo: Tayfun Coskun/Anadolu Agency via Getty Images

Former President Trump on Thursday expressed solidarity with people facing prosecution in connection to the Capitol insurrection.

Why it matters: The statement was issued ahead of Saturday's rally to protest the treatment of Capitol rioters. Over 600 known federal defendants face charges related to the Jan. 6 insurrection.

Clinton-linked lawyer indicted in investigation of FBI's Russia probe

Photo: Eric Baradat/AFP via Getty Images

A grand jury has returned an indictment against Michael Sussmann, a lawyer whose firm represented the 2016 Clinton campaign, for lying to the FBI about not representing "any client" when he presented them with allegations about a secret Trump Organization back-channel to a Russian bank.

Why it matters: It's the second criminal charge stemming from special counsel John Durham's review of possible misconduct by the intelligence community and prosecutors who investigated the 2016 Trump campaign's ties to Russia.