It was an irresistible David and Goliath tale: Last May, a handful of activist investors from a tiny investment firm named Engine No.1 took on the $350 billion behemoth ExxonMobil—and won TIME100Companies
. It is now pushing for a raft of changes in the biggest public companies, and mobilizing regular investors to do the same. TIME recently sat down with Grancio to discuss the firm’s splashy business moves and what comes next.
That’s created an opportunity for us to work behind the scenes with many other companies in the oil and gas, agriculture, and transportation sectors. We’re having very constructive conversations with a number of firms on how they’re running their businesses over time, to help them think about the same economic argument that we did with Exxon.As we have gotten into conversation with companies, we are bringing a level of analysis to the CEOs that they’re finding helpful.
These are public companies. We investors own the companies. You have a right to vote and hold the company accountable. Many investors don’t even realize they own a right to vote in these companies. We need to use the votes, and put pressure on the rest of the [financial-services] industry to make sure that people are using these votes, on these environmental and social issues.
Our point of view is these are public companies, and we own the public companies. If we care about workers and wages on the social side, and if we care about environmental impact, we should be holding these companies and working with them very aggressively as investors to get them to the right outcome. Many of the funds that have divested, we’ve had conversations with over the last year. I won’t say who.
We have a fair number of women in senior leadership positions, and we have diversity across experience in private funds and experience in public markets. I think as we’re working with big asset owners and wealthy individuals, they want to see that diversity reflected in the people they do business with.Engine No. 1 has pushed for more diversity at Tesla, and won a shareholder resolution on that. From the outside, it doesn’t seem like much has changed at Tesla, though.
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