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ExxonMobil CEO Reacts to 2021 Shareholder Vote
ExxonMobil CEO Reacts to 2021 Shareholder Proxy Vote Results

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00:00 - 00:03The Engine No. 1 campaign has gained many votes
00:04 - 00:05Including those of CalSTRS...
00:05 - 00:07And CalPERS.
00:08 - 00:12The vote will be closer than we ever imagined.
00:12 - 00:15If we lose it will be a repudiation of our leadership.
00:17 - 00:19They will never win without...
00:19 - 00:21...the support of BlackRock and Vanguard.
00:24 - 00:26Mr. Woods...
00:27 - 00:28BlackRock...
00:31 - 00:33BlackRock has announced that it is backing three of Engine No. 1's candidates.
00:34 - 00:36And Vanguard has also capitulated to the activist cause.
00:53 - 00:58Everyone who voted alongside Engine No. 1...please leave the room.
01:13 - 01:15We Are ExxonMobil!
01:15 - 01:17We have the best balance sheet in the business!
01:18 - 01:23Why aren't they targeting those pansies at Chevron?
01:25 - 01:28Now will have to cut down Rex's oak tree.
01:29 - 01:31And it was showing signs of leaf growth!
01:31 - 01:34"Invest heavily in the downcycle," you all said.
01:34 - 01:37You traitors. Have you ever heard of capital discipline?
01:37 - 01:40I've seen interns make better investment decisions!
01:40 - 01:42Mr. Woods, we followed the EMCAPS process perfectly.
01:42 - 01:46Impossible! EMCAPS is infallible! It is the way.
01:46 - 01:48Mr. Woods, perhaps if we had made stronger climate commitments...
01:48 - 01:52Climate commitments are mere pageantry, you fool!
01:53 - 01:54Climate Change!
01:56 - 01:57What does society think the world runs on?
01:57 - 02:00Windmills? What is this? The Netherlands?
02:00 - 02:03Why don't I just carbon capture my own farts?!
02:04 - 02:08We were going to double earnings in five years.
02:08 - 02:13Now we'll have to PIP 20% of the workforce!
02:14 - 02:16Imagine the cost of the severance packages.
02:17 - 02:21Soon we won't be able to afford electricity on campus.
02:27 - 02:29We will have to let the people work from home.
02:30 - 02:34That would be unacceptable. I'm a boomer.
02:34 - 02:36How will the people collaborate?
02:41 - 02:42I can't...
02:43 - 02:47This entire company is a huge pain in my ass.
02:48 - 02:53I outsource jobs to India. I inspire massive attrition. I exude the charm of a dying robot.
02:54 - 02:56And the activisits still attack my strategy.
02:56 - 02:59Is this all some prank Rex is pulling on me?
03:00 - 03:02Am I on Punk'd?!
03:04 - 03:07It's OK. He's still Chairman and CEO.
03:14 - 03:16How can I stay in my position now?
03:19 - 03:2325% of the board are losers now.
03:25 - 03:26And yet...
03:31 - 03:33I'll have to say I enjoy working with them.
03:40 - 03:46What will we become? ExxonMobil, maker of batteries? Of solar panels?
03:46 - 03:49Why don't they just replace me with Greta Thunberg?
03:53 - 03:56I'm going to PIP myself...