Exxon urges shareholders to reject seven proposals put to vote at annual meeting
(Reuters) – Oil major Exxon Mobil Corp on Tuesday urged shareholders to reject seven proposed votes at its annual meeting on May 26, including the proposal to split his roles as chairman and CEO.
Shareholder proposals also include BNP Paribas’ request for a report on Exxon’s climate-related lobbying and whether these activities comply with the Paris Agreement. Another proposal calls for an analysis of how the 2050 net zero carbon emissions targets affect Exxon’s business.
Last year, Exxon shareholders rejected climate-related proposals and the sharing of roles of chairman and chief executive officer at the company’s annual meeting.
Exxon also faces a proxy fight from activist investor Engine No. 1 who took on America’s top oil producer last year over what he called weak financial returns and an approach. lagging behind cleaner fuels.
The No.1 engine on Monday appointed four directors it wants shareholders to remove at Exxon’s next annual general meeting.
The fund chose three former CEOs of major US companies and the former head of the Malaysian state oil company who joined the board last month, for impeachment.
(Reporting by Arunima Kumar in Bangalore; Editing by Shinjini Ganguli)