Gagnier Communications is handing the Coalition United for a Responsible Exxon, which is disappointed with the oil giant’s financial performance (e.g., $20B Q4 loss), poor capital allocation decisions, and failure to capitalize on business opportunities tied to the clean energy transition, according to its Feb. 2 letter to ExxonMobil’s board.
The Coalition of 135 members represents $2.2T in assets. It includes the Interfaith Center on Corporate Responsibility, Merck Family Fund, US Trust, Wallace Global Fund, Sisters of Bon Secours USA, Majority Action, Sierra Club Foundation, Arjuna Capital, Nathan Cummings Foundation and Fulcrum Asset Management.
CURE raps Exxon’s investments in upstream projects that are based on unrealistic expectations of future oil and gas prices and demand.
It criticizes the company’s “current myopic and entrenched board and leadership team” that has failed to stem its corporate decline over the last decade and calls for “refreshed leadership and a new vision for Exxon.”
Gagnier Communications’ Dan Gagnier and Jeffrey Matthews handle the CURE.