# Corporate Boards Are Not Leading Companies Where They Need To Go

1 Opinion February 3, 2021 Stern in the News ![Tensie Whelan](/sites/default/files/styles/246w/public/assets/images/Whelan%20Article.jpg?itok=XEKEqv-d) By Tensie Whelan >

As it reported its fourth straight quarterly loss yesterday, Exxon tried to deflect a growing shareholder revolt by adding an independent board member and announcing investments in low-carbon technology.

The move was widely seen as too little, too late.

The oil company’s leadership has long adopted a “head in the sand” approach to climate change and shifting market and regulatory trends, actively opposing reporting and management of climate-related risk and eschewing a proactive low-carbon transition strategy that would ensure the company’s long-term survival. The lack of leadership has prompted investors to try and shake up Exxon’s board. Activist hedge fund Engine No. 1 has nominated four new board members who have expertise in moving to a low-carbon future (see, “There’s a new impact sheriff in town: activist hedge funds“).

Read the full [*ImpactAlpha* article](https://impactalpha.com/corporate-boards-are-not-leading-companies-where-they-need-to-go/).
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*Tensie Whelan is a Clinical Professor of Business and Society and Director of the Center for Sustainable Business.* ## More from Tensie Whelan

- [Demystifying the ‘Say-Do’ Gap in Sustainable Product Purchases.](https://www.stern.nyu.edu/index%2ephp/experience-stern/faculty-research/opinion/demystifying-say-do-gap-sustainable-product-purchases)
- [How LPs Can Better Assess Sustainability-Linked Value Creation.](https://www.stern.nyu.edu/index%2ephp/experience-stern/faculty-research/opinion/how-lps-can-better-assess-sustainability-linked-value-creation)
- [Lessons From a Decade of Teaching Sustainability at B-School.](https://www.stern.nyu.edu/index%2ephp/experience-stern/faculty-research/lessons-decade-teaching-sustainability-b-school)
- [ESG Reporting Needs a Refresh. Here’s How to Fix It.](https://www.stern.nyu.edu/index%2ephp/experience-stern/faculty-research/esg-reporting-needs-refresh-heres-how-fix-it)
- [The B2B Opportunity in Corporate Sustainability.](https://www.stern.nyu.edu/index%2ephp/experience-stern/faculty-research/b2b-opportunity-corporate-sustainability)