Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Investor group pushes Exxon board for new leadership to challenge CEO

Stock MarketsMay 06, 2021 06:20PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: An Exxon gas station is seen in Houston, Texas, U.S., April 30, 2019. REUTERS/Loren Elliott

By Svea Herbst-Bayliss and Jennifer Hiller

(Reuters) - An investor group on Thursday called on Exxon Mobil (NYSE:XOM)'s board to recruit directors and senior executives with energy and clean fuels experience, echoing calls at the center of an ongoing proxy fight.

The Coalition for a Responsible Exxon (CURE), which includes Seattle City Employees Retirement System, Dana Investment Advisors and Interfaith Center on Corporate Responsibility, called on the oil company to tie executive pay more closely to financial performance and greenhouse gas reduction, according to a draft seen by Reuters.

Exxon shareholders on May 26 are set to vote on the biggest corporate battle to be decided on environmental, social and governance criteria. Pitted against Exxon is a tiny hedge fund, Engine No. 1, that has nominated four directors.

A spokesperson for CURE declined to say how many shares of Exxon its 135 members hold. Overall, the group represents $2.5 trillion in assets, it said.

CURE proposes broadening board and management experience, and splitting the Exxon chairman and chief executive roles. Current outside directors include only one member with energy industry experience and overall the board does not have the "confidence or expertise to challenge a powerful CEO/Chairman," it wrote.

The combined CEO/chairman benefits shareholders and executive pay is determined by a committee of non-employee directors and gear to provide long-term shareholder returns, Exxon spokesman Casey Norton said.

The group's report did not recommend votes for or against existing Exxon directors. Its members do plan to vote for new board leadership, the report said.

Citing what it said was the lack of an energy transition strategy, it called for new hires with experience "in the energy and climate sectors" that could direct investments toward "the energy transition and a decarbonizing global energy economy."

Investor group pushes Exxon board for new leadership to challenge CEO
 

Related Articles

Apple Daily editor, CEO denied bail in Hong Kong
Apple Daily editor, CEO denied bail in Hong Kong By Reuters - Jun 19, 2021 8

By Jessie Pang HONG KONG (Reuters) -Two executives of Hong Kong pro-democracy newspaper Apple (NASDAQ:AAPL) Daily, charged under a national security law, were denied bail on...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email