Exxon Mobil Corp. has failed to embrace new, climate-conscious directors and is in danger of going the way of Eastman Kodak Co. and Blockbuster Video if it sits out the transition away from fossil fuels, said CalSTRS Chief Investment Officer Christopher Ailman.
The nation’s second biggest public-pension fund supported activist investor Engine No. 1’s successful campaign to replace one-fourth of Exxon’s board earlier this year as part of a larger effort to force an overhaul of the oil giant’s approach to climate change.
