ExxonMobil Pledges To Add Director W. Climate Skills Blahblah Proxy Fight Blah Corporate Goals Blah
HOUSTON/BOSTON (Reuters) -Exxon Mobil said on Monday it would add two more board members, including one with climate experience, just days before a shareholder vote on whether to back new directors supported by activist investors unhappy with its record on climate change and financial performance.
The battle is the largest boardroom showdown yet focused on climate concerns at a major energy company. Exxon has been criticized for moving more slowly than other global oil giants in renewable energy investment. Last year it lost $22 billion when crude prices collapsed, leaving it heavily indebted after years of overspending, largely chasing oil and gas reserves.
On Wednesday, shareholders will decide whether to back Exxon’s 12 current directors or whether to replace some of them with four candidates from activist hedge fund Engine No.1, supported by investors and proxy advisory firms anxious about Exxon’s performance. Chief Executive Darren Woods is not among the directors targeted.
Exxon, which supports the current board, said Monday that in the next 12 months it will add two more board members, one with climate experience and one with energy industry experience. Activists pushing for change viewed the move as a last-minute bid to win over big institutional investors. “Exxon Mobil does everything for a reason,” said Andrew Logan, a senior director at Ceres, a climate advocacy group. The company’s suggested board expansion appeared to be a bid to sway top investors Vanguard, State Street and BlackRock, he said. As recently as last week, the company maintained that its current board provided the expertise needed to guide its future.
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https://www.reuters.com/article/us-exxon-mobil-directors/exxon-says-it-will-add-two-new-directors-in-next-12-months-idUSKCN2D51DC
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