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  "documentTitle": "Engine No. 1 | Activist Presentation Deck | 83 slides",
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  "authorName": "Engine No. 1",
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  "presentationDate": "2021-05-01 00:00:00",
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  "notes": "Uses peer compensation metrics as a benchmark to critique ExxonMobil's lack of energy transition incentives.",
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      "text": "By contrast, many peer compensation metrics have evolved to incentivize management to create value by looking at the energy transition as an opportunity: Total (25% weight on low-carbon), Shell (20% weight on energy transition), BP (40% weight on strategic progress).",
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      "text": "We believe a Board with a better understanding of the long-term drivers of value in energy can better set compensation strategy, which we believe would include: Consistent metrics with disclosed preset weightings and targets, with more cost management and balance sheet-focused metrics; Measuring value creation not just by reference to the oil and gas industry but to the overall market.",
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      "kind": "paragraph",
      "text": "In the same way that ExxonMobil’s changes to incentive plans to reward production led to a focus on growth even as returns declined, we believe the lack of material energy transition metrics could discourage a focus on the future",
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      "text": "Source: Company proxy statements.",
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      "kind": "title",
      "text": "Incentives – Better aligning performance goals to drivers of shareholder value",
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