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      "text": "ExxonMobil has significantly underperformed and has failed to adjust its strategy to enhance long-term value. A focus on chasing production growth over value has resulted in an undisciplined capital allocation strategy. A refusal to accept that fossil fuel demand may decline. A lack of successful and transformative energy experience on the Board.",
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      "text": "Declining long-term returns and lower capital productivity for non-state oil and gas companies. Growing long-term demand uncertainty due to advancements in low and no-carbon technologies. Growing long-term business model risk.",
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