Illinois State Treasurer Urges Exxon Shareholders To Vote Against CEO Woods, Director Hooley


The Illinois state treasurer has urged Exxon Mobil shareholders to vote against the election of Executive Chair and CEO Darren Woods, as the oil major pursues a lawsuit against two shareholders, a filing showed on Monday.

The treasurer has also recommended voting against Lead Independent Director Joseph Hooley during the company’s annual shareholders meeting scheduled to take place on May 29.

Exxon, which is frequently the focus of critical shareholder resolutions, struck back earlier this year when it filed a lawsuit seeking to block a vote on a climate proposal submitted by two small activist investors.

While the investors responded by dropping the proposal, Exxon has refused to drop the legal action against them.

“The actions taken by the company signify poor judgment and oversight by board leadership,” the filing cited the treasurer as saying in a letter dated May 9.

Exxon did not immediately respond to a Reuters request for comment.

Last Friday, Glass Lewis had recommended investors vote against Hooley, citing concerns about Exxon’s “unusual and aggressive tactics” in pursuing a lawsuit against activist investors.



Source :Reuters