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The oil giant spent millions of dollars to keep Karsner, a Republican who favors renewable energy, off the company’s board of directors. It failed. Clay Sell was drifting off to sleep at home in Dallas when the phone rang. It was Alexander “Andy” Karsner, who reported to Sell at the Energy Department during President George W. Bush’s administration and had become a friend.
Royal Dutch Shell Plc hired a team of pricey lawyers for its defense against environmental activists in a Dutch court, and lost. A decade-old, $22 book might have upped their chances of winning.
The International Energy Agency (IEA) recently issued a report, Net-Zero by 2050, that essentially says there should be no more approvals of oil, gas, or coal developments from this moment forward.1 Shortly after, Big Oil in the U.S. and Europe had a very bad week in the courtrooms and the boardrooms. The international response from government-owned oil companies to both events has been… illuminating.
It can be difficult even to say who controls a company. Most large corporations are led by a chief executive officer, who is hired and managed by a board of directors, who are in turn elected by shareholders. But the separation of powers here is not as clear-cut as it may seem: A board might be very pliant to the CEO, or nobody but management’s picks might run for a board seat. Under United States law, 99 percent of a company’s shareholders can vote against a director candidate, and—if nobody runs against that person—they still will win.
US President Joe Biden’s administration will suspend oil and gas leases in Alaska’s Arctic National Wildlife Refuge pending an environmental review.
A south Los Angeles oil producer has been ordered by California’s top oil regulator to pay almost $1.5 million in fines for nearly 600 violations of state regulations, including continuing to operate aging, dangerous wells for nearly a year after losing approvals.
A third climate advocate has secured a seat on the board of Exxon Mobil Corp. Alexander Karsner, a private equity investor from Engine No. 1, won a seat on ExxonMobil’s board, according to preliminary results for Exxon’s election of directors, which were released by the company on Wednesday.
The historic ruling by the Dutch court that Royal Dutch Shell must reduce its emissions by 45% by 2030 relative to 2019 is being celebrated by climate activists and advocates across the world, as it should be. This was a win that was hard fought over many years by a large number of advocates using various strategies and tactics.
The decision blocks, for now, oil and gas drilling in one of the largest tracts of undeveloped wilderness in the United States…