Axios Exxon shareholders, bucking company management, voted to install at least two new members to the oil giant's board in a push to make Exxon more aggressive on addressing climate change and more disciplined in its oil investments.Why it matters: Exxon management campaigned strongly against the entire slate of four people nominated by Engine No. 1, the activist investment group whose campaign was backed by several major pension funds.Stay on top of the latest market trends and economic insights with Axios Markets. Subscribe for freeThe election of two of the four would avoid what could have been a categorical rebuke of the oil giant's strategy, but it still represents significant investor dissent.The vote in favor of the two new board members shows that many investors see Exxon, which has had a rocky financial performance in recent years, as poorly positioned for the future. Driving the news: Shareholders voted to add Gregory Goff and Kaisa Hietala at the oil giant's annual meeting Wednesday, Exxon said at the conclusion of voting. Tabulations on other candidates are still pending, though one of the Engine No. 1 candidates was voted down, Exxon stated in a press release. It's possible that one other activist candidate will still prevail.Hietala is a a former renewables executive with the refining company Neste and Goff is the former CEO of the refiner Andeavor.What they're saying: Charlie Penner, one of Engine No. 1's leaders, told shareholders at the meeting that Exxon management is "determined to fight off the future for as long as possible," but added: "change is coming. "The big picture: The battle over replacing members of Exxon's 13-person board comes amid increasing pressure on oil majors to do more on climate change.European-based multinational giants are diversifying more widely and vowing long-term transformations to "net-zero" emissions companies by 2050.Engine No. 1 also says Exxon lacks "any serious diversification efforts" that will prepare it to thrive in a low-carbon world. The group says Exxon needs a more cautious investment approach around oil and gas.Engine No. 1's candidates won the backing of some of the company's largest shareholders, including BlackRock, Vanguard, and State Street.Yes, but: Exxon says it's in step with the evolving energy mix, citing growing emphasis on carbon capture and large market opportunities there, and efforts on hydrogen and biofuels.Exxon also argues its adjusted capital strategy will deliver strong returns in oil and gas, which it notes will remain huge markets for decades despite low-carbon energy growth.The company recently set new near- and medium-term targets to cut emissions intensity (that is, emissions per unit of output), but has eschewed the long-term carbon neutrality vows of its European peers.“ExxonMobil is in a strong position to create differentiating value throughout the energy transition,” CEO Darren Woods said, touting Exxon's oil-and-gas portfolio and its investment in climate technologies. "We welcome the new directors Gregory Goff in Kaisha Hietala to the board and look forward to working with them constructively and collectively on behalf of all shareholders," Woods said.Go deeper: The intensifying battle for Exxon's futureLike this article? Get more from Axios and subscribe to Axios Markets for free.<doc-sep>New Jersey politicians moved forward with identical sports-betting bills on Monday that are expected to pass the full Legislature on Thursday. Gov. Phil Murphy will then likely sign the bill a day or two later, Assemblyman Ralph Caputo (D-Belleville) told The Post. “He may take a day to look at it and review it with the attorney general and make sure it’s technically correct.” Then, Monmouth Park is expected to almost immediately open up for sports betting in time for the NBA Finals game. Changes made Monday before voting included deciding not to license mobile sports betting for 30 days after sports betting begins at casinos or racetracks. The pro sports leagues were looking for an “integrity fee” to help monitor games for unusual betting activity. New Jersey politicos added an amendment Monday that will require regulators to consult with the pro sports leagues and listen to suggestions. “My opinion is the leagues should offer their help for free,” Caputo said, explaining why there are no integrity fees. New Jersey could be setting the standard on how to deal with the leagues since the Supreme Court on May 14 ruled that the national ban on sports betting was unconstitutional. “It’s a watershed moment,” Caputo said, referring to the Assembly Gaming and Appropriations Committees and the Senate Appropriation Committee on Monday all approving the bill. MLB and the NBA, which fought unsuccessfully for the integrity fees, declined comment.<doc-sep>TRENTON, N.J. -- New Jersey lawmakers gave final approved Thursday to a bill to legalize sports betting three weeks after winning the right to do so in a U.S. Supreme Court case.But when the wagering can begin and the money start changing hands is anyone's bet: The bill is now with Democratic Gov. Phil Murphy, whose office won't say when he might act on it.State Senate President Steve Sweeney, a fellow Democrat, asked the owner of Monmouth Park racetrack, "Are we betting on it tomorrow? We're counting on it. "But the governor's office was non-committal. "He said he wants to act quickly, but the legislation will be subject to the same thorough review that all legislation sent to him for signature is subject to," said his spokesman, Dan Bryan.Three weeks ago, New Jersey prevailed in a Supreme Court case that struck down a federal law limiting sports betting to just four states. Now, any state is free to adopt laws legalizing it, and analysts expect most to do so. A report this week by Eilers & Krejcik Gaming predicted that only six states will not have approved sports betting by 2023.Former state Sen. Raymond Lesniak, who led the fought for sports betting for eight years, predicted it will help turn around Atlantic City, where casino gambling had been in decline. The state's casinos and racetracks would be able to offer sports betting once the governor signs the bill. "Today is the day that New Jersey gets the same benefits that Las Vegas does," he said. "During the Super Bowl or the NACC Tournament, in Las Vegas you can't get a hotel room and Atlantic City is a ghost town. This will change that. "Monmouth Park Racetrack has been particularly vocal in its desire to begin taking bets on Friday, hoping to cash in on anticipated large racing crowds this weekend. Lesniak predicted the track will start taking bets at 5 p.m. Friday, assuming the bill is signed by then.The bill would allow Atlantic City casinos and racetracks, including Monmouth, the Meadowlands and Freehold Raceway, to offer sports betting. A provision also would allow it at the former Atlantic City Race Course if that facility were to reopen.The bill set the tax rate for casinos at 8.5 percent, with an additional 1.25 percent payment to help market Atlantic City. The 1.25 percent add-on fee for tracks would be split among the host community and the county in which the track operates. Internet bets would be taxed at 13 percent.Internet betting would begin 30 days after the rest of the law takes effect.The measure also is full of clauses that would help at least four casinos offer sports betting even though they or their owners have ownership ties to professional sports teams. It would benefit the Borgata and three casinos owned by Caesars Entertainment.The bill would ban casinos or executives who own professional sports teams from offering sports betting, theoretically counting out Borgata owner MGM because it also owns the WNBA's Las Vegas Aces. But under a clause in the bill, MGM would be approved because the team generates less than 1 percent of its total annual revenue.Joshua Harris owns the Philadelphia 76ers and the New Jersey Devils and would get in under a clause allowing those who own less than 10 percent of a casino or gambling company to participate in sports betting. Harris' Apollo Global Management owns less than 10 percent of Caesars Entertainment, which in turn owns Harrah's, Caesars and Bally's.A clause to allow the Golden Nugget to participate was added to the bill Thursday. That casino is owned by Texas billionaire Tilman Fertitta, who also owns the NBA's Houston Rockets. He could offer sports betting on all sports except basketball.___------<doc-sep>
This is a developing story and will be updated. The New Jersey Assembly and Senate both unanimously passed a sports betting bill on Thursday afternoon, bringing the state one step away from legal single-game wagering. What happened for NJ sports betting on Thursday The bill — A 4111 — passed 73-0. Shortly thereafter, the Senate took up the same bill and passed it in short order. The legislation heads to the desk of Gov. Phil Murphy. Murphy has been coy about when he might sign the bill, indicating he might not immediately do so. He technically has 45 days to act on the NJ sports betting legislation, although it’s not likely to take anywhere near that amount of time to gain his signature. The bill would allow casinos and racetracks to offer land-based wagering immediately. Online wagering could take place 30 days after enactment. The state has been moving quickly to pass a law that regulates and taxes wagering, after NJ won its US Supreme Court case regarding the federal ban sports betting outside of Nevada. That law — PASPA — was struck down, allowing states to legalize sports gambling, if they choose to do so. Bill has wide support Thursday’s votes were a mere formality, as the legislature has been planning for weeks to send a sports betting bill to the governor. Bills easily cleared committee votes on Monday. Lawmakers who have long championed sports wagering were celebrating victory at long last in the state’s quest to offer it. “What a marvelous day for New Jersey,” said Assemblymember John Burzichelli (D-Cumberland/Gloucester/Salem), one of the bill’s sponsors. “This will be a big boost for our economy. This will bring more people from in-state, out-of-state, and abroad to Atlantic City and to our state’s racetracks. This will bring jobs to our state and help put an end to illegal wagering. I can’t hide my excitement for what’s in store.” “This is about fairness, freedom, job creation and economic development,” said Assemblymember Eric Houghtaling (D-Monmouth), another sponsor of the bill. “Places like Monmouth Park and Freehold Racetrack have been left in the dark for far too long. Finally, this will no longer be the case.” What’s next for sports betting in New Jersey? New Jersey is poised to be the third state to offer single-game wagers and futures betting in the US, joining the Nevada sports betting and Delaware sports betting industries. The latter launched full sports gambling this week. Monmouth Park, for its part, had said that it had hoped to open sports wagering on Friday, should the governor sign the bill in the short term. “There will be ample benefits to legal sports wagering in New Jersey,” said Assemblymember Joann Downey (D-Monmouth). “We will bring many jobs to Monmouth County, we will modernize our gaming industry, we will increase tourism, and we will be able to increase revenue for our state budget, and subsequently pay for vital programs which help our families.” NJ casinos, such as Borgata in Atlantic City, appear prepared to follow soon thereafter. Initial reports indicated that a provision that would have kept Golden Nugget Atlantic City out of the sports betting industry had been changed in the bill: Here’s Tom Pohlman, general manager, of the Golden Nugget Atlantic City: