Investor group pushes Exxon board for brand new management to problem CEO By Reuters
© Reuters. FILE PHOTO: An Exxon fuel 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 known as on Exxon Mobil (NYSE:)’s board to recruit administrators and senior executives with power and clear fuels expertise, echoing calls on the middle of an ongoing proxy combat.
The Coalition for a Accountable Exxon (CURE), which incorporates Seattle Metropolis Staff Retirement System, Dana Funding Advisors and Interfaith Heart on Company Accountability, known as on the oil firm to tie govt pay extra intently to monetary efficiency and greenhouse fuel discount, in keeping with a draft seen by Reuters.
Exxon shareholders on Might 26 are set to vote on the largest company battle to be selected environmental, social and governance standards. Pitted in opposition to Exxon is a tiny hedge fund, Engine No. 1, that has nominated 4 administrators.
A spokesperson for CURE declined to say what number of shares of Exxon its 135 members maintain. Total, the group represents $2.5 trillion in belongings, it stated.
CURE proposes broadening board and administration expertise, and splitting the Exxon chairman and chief govt roles. Present outdoors administrators embrace just one member with power business expertise and general the board doesn’t have the “confidence or experience to problem a strong CEO/Chairman,” it wrote.
The mixed CEO/chairman advantages shareholders and govt pay is set by a committee of non-employee administrators and kit to offer long-term shareholder returns, Exxon spokesman Casey Norton stated.
The group’s report didn’t advocate votes for or in opposition to present Exxon administrators. Its members do plan to vote for brand new board management, the report stated.
Citing what it stated was the dearth of an power transition technique, it known as for brand new hires with expertise “within the power and local weather sectors” that might direct investments towards “the power transition and a decarbonizing world power economic system.”
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