Watching For Change After Activist Hedge Fund Wins 2 Seats On ExxonMobil Board
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NOEL KING, HOST:
A small activist hedge fund called Engine No. 1 last week won two seats on the board of Exxon Mobil by convincing other investors that the company's plan to deal with climate change was not much of a plan at all. With me now is Nell Minow. She's the vice chair of ValueEdge Advisors, and she's also an Exxon shareholder. Good morning, Nell.
NELL MINOW: Good morning.
KING: Who is Engine No. 1?
MINOW: Well, it's just a group of investors. It's people who - and it's small by Wall Street standards. So their investment in an Exxon Mobil was only about $54 million. And if you compare that to other people who have had big fights with major corporations, people like Carl Icahn, those people, I want you to think about ...
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