https://reenergizexom.com/materials/letter-to-the-board-of-directors/
These are the activist investors we're seeing in the news.
It has a bit of a green bent, but a lot of the criticisms of management are completely valid and consistent with my time here as an employee.
Anyone following the recent financial statements of the company can realize, like this group has, that something needs to change. Either Oil has to go back over $60-$70 per barrel and/or the company must invest into other sources/industries for future sales/income and its own survival.
Unfortunately for this Engine group, they only own 0.2% of the shares of the company. So, as much as they might want it, there is no way they are going to be able to do anything on their own.
While this currently garners some headlines, I'm sure every one has seen past shareholder initiated proxy proposals, none of which have passed throughout the decades.
It will take strong engagement by many many others (shareholders) to gather a significant majority before management will have to pay any attention to this at all.
Voice Your opinions and be PIP'd like the previous employees.
Is there any way for current employees to support the mission of the activist investors? Any recourse besides just voting shares?
If they were serious about change, the cuts would have started at the top instead of good people that had no voice in their bad decisions.
It’s a cya for the bad publicity and in the face of long line of law suits for their lies
A little premature given the strength of the balance sheet (i.e., they could continue to borrow to run the company for many years). Also, with a vaccine, and oil price increasing, let's see how operating results look in 2021. A company should not really be able to make money when an economy is partially shut down; it's to be expected.
Great stuff. We will see if management listens, or just makes up responses that contradict their thesis.
Very damning statistics. Why are these statistics not posted and reviewed by ExxonMobil employees. Unbelievable disconnect between shareholder returns and pay increases to senior management.
Thank you for posting this, very interesting. I think Mr Goff would be a great addition to the board. He can replace his sibling F.N. Goff.