The Illinois state treasurer has called on shareholders of Exxon Mobil Corporation (NYSE:XOM) to vote against the re-election of Executive Chair and CEO Darren Woods in the upcoming annual meeting, according to a recent filing. This recommendation comes as Exxon Mobil continues to litigate against two of its shareholders.
In addition to opposing CEO Darren Woods, the treasurer has advised voting against Lead Independent Director Joseph Hooley during Exxon’s shareholders meeting scheduled for May 29. The oil giant, often targeted by critical shareholder resolutions, initiated legal actions earlier this year aimed at preventing a climate proposal from being voted on, submitted by two activist investors. Although these investors withdrew their proposal, Exxon has persisted with the lawsuits.
The filing highlighted a statement from the treasurer, dated May 9, criticizing the board leadership’s decisions and oversight. Exxon Mobil has yet to respond to these allegations.
Adding to the controversy, the influential advisory firm Glass Lewis recommended last Friday that shareholders vote against Hooley. They pointed to concerns over Exxon’s “unusual and aggressive tactics” in handling the lawsuit against its activist shareholders.
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