Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Axios on your phone

Get breaking news and scoops on the go with the Axios app.

Download for free.

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

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

Ben Geman, author of Generate
May 24, 2021 - Energy & Environment

The showdown over Exxon's climate future is here

Illustration: Aïda Amer/Axios

Exxon's annual meeting Wednesday will bring the most closely watched shareholder votes on global warming in Big Oil's history.

Driving the news: Activist investors Engine No. 1 have nominated four board members who would seek to make Exxon more aggressive on climate.

Fighting global warming means reshaping finance

Illustration: Aïda Amer/Axios

The world's growing efforts to limit climate change will have far-reaching impacts for financial markets, and the groundwork for that push is being laid right now.

Why it matters: As more governments implement climate change regulations, trillions of dollars are going to flow towards clean energy and climate-friendly technologies, affecting significant portions of the global financial industry.

Ben Geman, author of Generate
May 24, 2021 - Energy & Environment

How Gina McCarthy reads the climate landscape

Gina McCarthy. Screenshot "Axios on HBO"

Gina McCarthy, President Biden's top domestic climate official, hasn't forgotten Big Oil's past funding of climate denial groups, but she now sees an evolving industry.

Driving the news: Axios' Mike Allen, interviewing McCarthy for "Axios on HBO," asked if Big Oil is an ally or an enemy in the fight against climate change.