Advisory Firm Glass Lewis Recommends Board Nominees for Exxon

18 May 2021

    Advisory firm  - Glass Lewis recommended that Exxon Mobil shareholders elect two of hedge fund Engine No. 1's four board nominees in a proxy contest.


    The activist fund Engine No. 1 has taken aim at Exxon's board and its future direction in the first major shareholder contest to make climate change a top issue, having criticised US largest oil produces for poor financial returns and a slow approach to the transition to lower-carbon energy.


    Glass Lewis recommended that shareholders vote for Gregory Goff - former chief executive at oil refiner Andeavor, and Alexander Karsner - former US Assistant Secretary of Energy for efficiency and renewable energy.


    "Electing even a portion of Engine 1's slate would send a clear message of shareholder dissatisfaction with Exxon's recent direction and strategy”, Glass Lewis said, further mentioning  that Exxon had underperformed peers and its energy transition plan was "generally insufficient and lacking in key areas."


    In addition to backing the two  activist candidates, Glass Lewis recommends votes in favor of eight current Exxon directors including Chief Executive Officer - Darren Woods.


    By choosing Engine No. 1's proxy card instead of the company's, Glass Lewis' recommendation leaves out current Exxon directors.


    Exxon's shareholders are  scheduled to meet on May 26.

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