ReutersLittle Engine No. 1 outspent Exxon by $12.5 million, according to sources. According to people familiar with the figures, activist investor Engine No. 1 spent around $12.5 million to gain three board seats at Exxon Mobil Corp, less than half of its original budget, in the year’s biggest and most closely watched corporate election. Exxon shareholders, dissatisfied by low returns and the president’s lack of attention to climate concerns, voted three of its four nominated directors to Exxon’s board of directors in May, shocking the oil and gas industry. According to industry analysts, the triumph over one of America’s most renowned firms is even more amazing given Exxon’s $265 billion market capitalization.
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