Oil major Exxon Mobil Corp. on March 16 urged shareholders to reject seven proposals up for voting at its annual meeting on May 26, including the proposition to split its chairman and CEO roles.
Exxon filed its definitive proxy statement and a letter to shareholders on Tuesday, which urged them to vote using the BLUE CARD to support the company’s 12 director nominees at its meeting of shareholders.
“Our directors have experience leading some of the world’s largest, most complex and successful companies and bring to the board a wide range of backgrounds, knowledge and skills relevant to Exxon Mobil’s business and future success,” Darren Woods, chairman and CEO, said.
The shareholders’ proposals also include BNP Paribas’ demand for a report on Exxon’s climate-related lobbying and whether such activities align with the Paris Accord. Another proposal asks for an analysis of how 2050 net zero carbon emission targets affect Exxon's business.
Exxon Mobil’s board of directors oversees the business plans, which through 2025 are expected to increase earnings and cash flow to fund and grow the dividend, pay down debt and invest in future projects. The plan, which is flexible to market conditions and benefits from ongoing cost-reduction efforts, positions Exxon Mobil to emerge from the pandemic with improved financial performance and win in a lower-carbon energy future.
Last year, Exxon’s shareholders rejected climate-related proposals and splitting the chairman and chief executive's roles at the company's annual meeting.
Exxon is also facing a proxy fight from activist investor Engine No. 1 that last year took on the top U.S. oil producer for what it said were poor financial returns and a lagging approach to cleaner fuels.
Engine No. 1 on Monday named four directors it wants shareholders to remove at Exxon’s upcoming annual general meeting.
The fund singled out three former chief executives of prominent U.S. companies and the former head of Malaysia’s state-run oil firm who joined the board last month, for removal.