Advisory agency Glass Lewis backs two dissident nominees in Exxon battle By Reuters
© Reuters. FILE PHOTO: A brand of the Exxon Mobil Corp is seen on the Rio Oil and Fuel Expo and Convention in Rio de Janeiro, Brazil September 24, 2018. REUTERS/Sergio Moraes
(Reuters) -Advisory agency Glass Lewis advisable on Monday that Exxon Mobil (NYSE:) shareholders elect two of hedge fund Engine No. 1’s 4 board nominees in a proxy contest on the largest U.S. oil producer.
Tiny activist fund Engine No. 1 has taken intention at Exxon’s board and its future course within the first main shareholder contest to make local weather change a high difficulty. The fund has criticized Exxon for poor monetary returns and a lagging method to the transition to lower-carbon vitality.
Glass Lewis advisable that shareholders vote for Gregory Goff, former chief government at oil refiner Andeavor, and Alexander Karsner, a former U.S. Assistant Secretary of Power for effectivity and renewable vitality. The report referred to as electing half of the activist administrators “adequate.”
It’s the third proxy advisor to help half or all of Engine No. 1’s slate.
“Electing even a portion of Engine 1’s slate would ship a transparent message of shareholder dissatisfaction with Exxon’s current course and technique,” Glass Lewis mentioned in its report. It additionally mentioned Exxon had underperformed friends and its vitality transition plan was “typically inadequate and missing in key areas.”
Exxon and Engine No. 1 couldn’t be instantly reached for touch upon Monday.
Proxy advisor Institutional Shareholder Providers backed three of the 4 dissident administrators whereas Pensions & Funding Analysis Consultants (PIRC) has backed all 4 Engine No. 1 candidates.
The suggestions are influential for institutional traders and sometimes information how they vote at company conferences. Exxon’s shareholders will vote on Might 26.
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