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Proxy Assistant assists fighters in their quest to bring an Exxon board

ExxonMobil is facing a trade strike at its annual general meeting this month after the Institutional Shareholder Services’s assistant adviser recommended voting for three of the four members nominated by the defense agency, forcing senior official Darren Woods.

The money, Engine No. 1, has it called for a committee reform and a major overhaul to Exxon’s point of view on climate change, budgeting and capital pay.

Vote on May 26 becomes one of the biggest competition for U.S. companies and reveals the amount of financial concern over the climate risks facing oil producers.

The ISS expert, who was released to the participants on Friday, said Engine No. 1 “has made a difference” and said the Exxon concept is still based on positive assumptions about future oil.

The company “continues to focus on seemingly radical and technical ideas, and does not provide shareholders with sufficient information to understand how to plan for power transitions,” the ISS said.

“Exxon’s energy efficiency plan seems to rely heavily on carbon capture, which would require government support,” he added.

The ISS has backed the votes of Gregory Goff, Kaisa Hietala and Alexander Karsner on the Engine No. 1 slate, saying it provides an opportunity for corporate work and expertise in transforming power. It did not approve the fourth nominee, Anders Runevad, a former chief executive of the electronics company Vestas.

Engine No 1 said the ISS’s proposal was “to reaffirm our belief that tackling the major challenges at ExxonMobil requires a committee that includes people with the skills and expertise in electronic marketing”.

The ISS review strongly recommends five months of funding we will intercede for you.

On Wednesday, Pensions & Investment Research Consultants from the UK, another proxy advisor, supported the nominees with four coffers and encouraged voting against five Exxon board members, including Woods. Glass Lewis, another stock exchange adviser, did not comment.

Calstrs, Calpers, and the New York State Common Retirement Fund – the three largest pension fund in the US – and the financial manager of Legal & General Investment Management, which owns shares in Exxon, will all vote for the 1st engine slate.

The major shareholders of Exxon, BlackRock, State Street and Vanguard, did not disclose their voting intentions. In January, BlackRock CEO Larry Fink made the risk of climate change becoming his main theme annual letter To the CEO.

In response to financial pressure this year, Exxon has elected some new members; also mentioned the production of 3, or which are made as a result of the burning of its products; and announced a new low-carbon business and a $ 100bn carbon capture project in Houston.

Faced with rising business tensions over debt and debt consolidation, it cut back on pre-planned spending and in March stopped production of oil prices over the next four years.

The ISS acknowledged this, saying Exxon “showed a willingness to engage” with its partners since its inception.

As Exxon oil producers in Europe start producing clean energy, the US manufacturer has said denied anything that came from oil and air.

“We’re not in the electrical business,” Woods said adauza FT soon. “What can we get from this opportunity other than a check?”

Exxon instead looked great technology such as carbon capture and biofuels, although all of these have not reached a sufficient level even though they have been years away from the company.

After four consecutive losses last year, it returned to profit in the first three months of 2021. Its stock has surpassed rivals’ this year and is nearly 50% since Engine No. 1 launched its campaign.

The ISS said that the retention of stocks was due to pressure from shareholders, “rather than a lasting impression made by the board”.

Andrew Logan, chief of oil and gas at Ceres, which oversees the weather forecast, praised the “important decision” by the consultant.

“It simply came to our notice then. Exxon is the first target of freedom fighters, but it will not be the last, ”he said.

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