Introducing Behind the Money, Inside ESG: The tiny fund that took on a US giant and won
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 9 October 2021
⏱️ 21 minutes
🧾️ Download transcript
Summary
The story of how a tiny, unknown hedge fund took on a giant of corporate America over climate change - and won. Charlie Penner of Engine No 1 talks about the very public proxy campaign he launched against Exxon Mobil, forcing the oil major to prepare for a future free of fossil fuels.
In the third episode of our special five-part series on sustainable or ESG investing, produced in partnership with the FT’s Moral Money team, Derek Brower, US energy editor, and Attracta Mooney, the FT’s investment correspondent, reflect on whether the battle between Engine No 1 and Exxon marks the beginning of a new kind of activist investor.
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Check out stories and up-to-the-minute news from the Moral Money team here.
Get 30 days of the premium Moral Money newsletter free, together with complimentary access to FT.com for the same period, visit www.ft.com/insideesg
Review clips: The Sun, Channel 4 News, Euronews, PBS Newshour, GMA, CNN, CNBC, ExxonMobil
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Transcript
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| 0:00.0 | This podcast is supported by Morgan Stanley, whose thoughts on the market podcast brings you |
| 0:04.6 | concise takes on the markets and the events that are moving them. It's like a personal briefing |
| 0:09.3 | with Mike Wilson, Morgan Stanley's chief investment officer and his colleagues. Backed by the Morgan |
| 0:14.7 | Stanley research team, they share insights and perspectives on current events and what these |
| 0:19.5 | events could mean for markets in the world economy. Three minutes an episode, five times a week, |
| 0:25.0 | search for thoughts on the market in your podcast app. |
| 0:28.0 | Hi briefing listeners. Mark here behind the money our narrative podcast is doing a special series |
| 0:33.3 | about ESG that stands for environmental, social and governance issues and the trillions |
| 0:38.8 | flowing into investments and corporations focused on sustainability. The latest episode tells the |
| 0:44.4 | story of how a small hedge fund went up against one of America's most storied corporations over |
| 0:49.7 | climate change and one. Enjoy the episode here and you can subscribe to behind the money in your |
| 0:55.0 | podcast feed of choice by searching for the show. |
| 1:03.2 | So picture this the financial markets not as a trading floor but as a boxing ring. |
| 1:09.2 | In one corner is a tiny investment fund in the other is a behemoth the oil giant Exxon mobile. |
| 1:17.1 | Exxon is a $250 billion heavyweight. The fund weighs in at just $240 million. |
| 1:27.6 | But the tiny fund is not intimidated. It has the crowd on its side. |
| 1:33.2 | It keeps punching. It wants to knock Exxon into shape. It wants the oil giant to factor climate change |
| 1:40.1 | into its business plans. What are its chances do you reckon? That was the question |
| 1:47.5 | earlier this year when an obscure hedge fund went up against Exxon. A David and Goliath battle |
| 1:53.6 | for Wall Street if you like. So I never thought of it that way. I wouldn't have done it if I |
| 1:58.0 | thought we were going to lose but I certainly understand that was the perception. Charlie Penner |
| 2:02.4 | is a partner at engine number one. The small hedge fund that took on Exxon's behemoth and one |
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