{"id":114290,"date":"2021-05-14T16:46:04","date_gmt":"2021-05-14T16:46:04","guid":{"rendered":"https:\/\/fin2me.com\/?p=114290"},"modified":"2021-05-14T16:46:04","modified_gmt":"2021-05-14T16:46:04","slug":"exxon-under-pressure-as-iss-backs-engine-no-1-nominees-in-board-fight","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/exxon-under-pressure-as-iss-backs-engine-no-1-nominees-in-board-fight\/","title":{"rendered":"Exxon under pressure as ISS backs Engine No. 1 nominees in board fight"},"content":{"rendered":"

BOSTON (Reuters) -Influential proxy advisor Institutional Shareholder Services (ISS) on Friday threw its weight behind a small hedge fund\u2019s nominations for Exxon Mobil\u2019s board in a decision that could affect the outcome of a bitter corporate battle.<\/p>

FILE PHOTO: An Exxon gas station is seen in Houston, Texas, U.S., April 30, 2019. REUTERS\/Loren Elliott\/File Photo<\/figcaption>

Activist fund Engine No.1 has taken aim at Exxon\u2019s board and decision making in the first major shareholder contest to make climate change the leading issue for choosing directors. The fund has criticised Exxon for a lagging approach to lower-carbon energy and poor returns on past fossil fuel investments.<\/p>\n

The ISS recommendation in favor of three of the four directors put forward by Engine No.1 is the second from a proxy adviser. Pensions & Investment Research Consultants (PIRC) published its view on Wednesday, backing all four Engine No.1 candidates.<\/p>\n

ISS recommended that shareholders vote for former oil industry executives Gregory Goff and Kaisa Hietala and for former U.S. government energy official Alexander Karsner. The three \u201caddress the need for independent industry expertise \u2026 (and) \u201celevate the board\u2019s ability to assess the energy transition,\u201d ISS said.<\/p>\n

Exxon Chief Executive Darren Woods said he disagreed with the recommendations in remarks to CNBC.<\/p>\n

The ISS and PIRC recommendations carry weight among institutional investors and often guide how they vote at corporate meetings. Exxon\u2019s shareholders will vote on May 26.<\/p>\n

Exxon\u2019s stock price climbed 1.8% in early trading on Friday and has risen over 40% since the start of 2021. Engine No.1 can credibly claim a portion of the credit for that, ISS said in its report.<\/p>\n

\u201cISS\u2019 recommendation is further validation of our belief that addressing the fundamental issues at ExxonMobil requires a Board that includes individuals with relevant energy industry experience and skills,\u201d Engine No. 1 said in a statement.<\/p>\n

Exxon and Engine No.1 are spending at least $65 million in the fight for Exxon\u2019s future direction. The $250 million California-based hedge fund has called for spending and pay cuts, a board shake-up and shift to cleaner fuels that it describes as \u201cexistential\u201d for the oil giant.<\/p>\n

Its views are supported by New York and California pension funds and British investor Legal & General Investment Management, all of which hold Exxon shares.<\/p>\n

Exxon has fought to reelect its board arguing they have developed a strong plan to address future lower carbon demands, including a proposal for a massive carbon capture and sequestration project.<\/p>\n

ISS\u2019s report said it is \u201cunclear how committed\u201d Exxon is to its energy transition strategy. Its proposal \u201cappears to be based in significant part on future government support.\u201d<\/p>\n

Exxon, valued at $264 billion, has fended off past challenges seeking big change to its policies and leadership. As pressure from shareholders mounted this year, Exxon made a number of changes, including adding activist investor Jeffrey Ubben, former Comcast Corp executive Michael Angelakis and former Petronas CEO Tan Sri Wan Zulkiflee Wan Ariffin to the board.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

BOSTON (Reuters) -Influential proxy advisor Institutional Shareholder Services (ISS) on Friday threw its weight behind a small hedge fund\u2019s nominations for Exxon Mobil\u2019s board in […]<\/p>\n","protected":false},"author":3,"featured_media":114289,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nExxon under pressure as ISS backs Engine No. 1 nominees in board fight - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/markets\/exxon-under-pressure-as-iss-backs-engine-no-1-nominees-in-board-fight\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Exxon under pressure as ISS backs Engine No. 1 nominees in board fight - Fin2me\" \/>\n<meta property=\"og:description\" content=\"BOSTON (Reuters) -Influential proxy advisor Institutional Shareholder Services (ISS) on Friday threw its weight behind a small hedge fund\u2019s nominations for Exxon Mobil\u2019s board in [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fin2me.com\/markets\/exxon-under-pressure-as-iss-backs-engine-no-1-nominees-in-board-fight\/\" \/>\n<meta property=\"og:site_name\" content=\"Fin2me\" \/>\n<meta property=\"article:published_time\" content=\"2021-05-14T16:46:04+00:00\" \/>\n<meta name=\"author\" content=\"Mark\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/fin2me.com\/wp-content\/uploads\/2021\/05\/Exxon-under-pressure-as-ISS-backs-Engine-No.-1-nominees-in-board-fight.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/fin2me.com\/markets\/exxon-under-pressure-as-iss-backs-engine-no-1-nominees-in-board-fight\/\",\"url\":\"https:\/\/fin2me.com\/markets\/exxon-under-pressure-as-iss-backs-engine-no-1-nominees-in-board-fight\/\",\"name\":\"Exxon under pressure as ISS backs Engine No. 1 nominees in board fight - Fin2me\",\"isPartOf\":{\"@id\":\"https:\/\/fin2me.com\/#website\"},\"datePublished\":\"2021-05-14T16:46:04+00:00\",\"dateModified\":\"2021-05-14T16:46:04+00:00\",\"author\":{\"@id\":\"https:\/\/fin2me.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a\"},\"breadcrumb\":{\"@id\":\"https:\/\/fin2me.com\/markets\/exxon-under-pressure-as-iss-backs-engine-no-1-nominees-in-board-fight\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/fin2me.com\/markets\/exxon-under-pressure-as-iss-backs-engine-no-1-nominees-in-board-fight\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/fin2me.com\/markets\/exxon-under-pressure-as-iss-backs-engine-no-1-nominees-in-board-fight\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/fin2me.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Markets\",\"item\":\"https:\/\/fin2me.com\/category\/markets\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Exxon under pressure as ISS backs Engine No. 1 nominees in board fight\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/fin2me.com\/#website\",\"url\":\"https:\/\/fin2me.com\/\",\"name\":\"Fin2me\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/fin2me.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/fin2me.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a\",\"name\":\"Mark\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/fin2me.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/39b72719fb75a2d3c7d7695026648602?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/39b72719fb75a2d3c7d7695026648602?s=96&d=mm&r=g\",\"caption\":\"Mark\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Exxon under pressure as ISS backs Engine No. 1 nominees in board fight - Fin2me","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/fin2me.com\/markets\/exxon-under-pressure-as-iss-backs-engine-no-1-nominees-in-board-fight\/","og_locale":"en_US","og_type":"article","og_title":"Exxon under pressure as ISS backs Engine No. 1 nominees in board fight - Fin2me","og_description":"BOSTON (Reuters) -Influential proxy advisor Institutional Shareholder Services (ISS) on Friday threw its weight behind a small hedge fund\u2019s nominations for Exxon Mobil\u2019s board in [...]","og_url":"https:\/\/fin2me.com\/markets\/exxon-under-pressure-as-iss-backs-engine-no-1-nominees-in-board-fight\/","og_site_name":"Fin2me","article_published_time":"2021-05-14T16:46:04+00:00","author":"Mark","twitter_card":"summary_large_image","twitter_image":"https:\/\/fin2me.com\/wp-content\/uploads\/2021\/05\/Exxon-under-pressure-as-ISS-backs-Engine-No.-1-nominees-in-board-fight.jpg","twitter_misc":{"Written by":"Mark","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/fin2me.com\/markets\/exxon-under-pressure-as-iss-backs-engine-no-1-nominees-in-board-fight\/","url":"https:\/\/fin2me.com\/markets\/exxon-under-pressure-as-iss-backs-engine-no-1-nominees-in-board-fight\/","name":"Exxon under pressure as ISS backs Engine No. 1 nominees in board fight - Fin2me","isPartOf":{"@id":"https:\/\/fin2me.com\/#website"},"datePublished":"2021-05-14T16:46:04+00:00","dateModified":"2021-05-14T16:46:04+00:00","author":{"@id":"https:\/\/fin2me.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a"},"breadcrumb":{"@id":"https:\/\/fin2me.com\/markets\/exxon-under-pressure-as-iss-backs-engine-no-1-nominees-in-board-fight\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/fin2me.com\/markets\/exxon-under-pressure-as-iss-backs-engine-no-1-nominees-in-board-fight\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/fin2me.com\/markets\/exxon-under-pressure-as-iss-backs-engine-no-1-nominees-in-board-fight\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/fin2me.com\/"},{"@type":"ListItem","position":2,"name":"Markets","item":"https:\/\/fin2me.com\/category\/markets\/"},{"@type":"ListItem","position":3,"name":"Exxon under pressure as ISS backs Engine No. 1 nominees in board fight"}]},{"@type":"WebSite","@id":"https:\/\/fin2me.com\/#website","url":"https:\/\/fin2me.com\/","name":"Fin2me","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/fin2me.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/fin2me.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a","name":"Mark","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/fin2me.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/39b72719fb75a2d3c7d7695026648602?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/39b72719fb75a2d3c7d7695026648602?s=96&d=mm&r=g","caption":"Mark"}}]}},"_links":{"self":[{"href":"https:\/\/fin2me.com\/wp-json\/wp\/v2\/posts\/114290"}],"collection":[{"href":"https:\/\/fin2me.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fin2me.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fin2me.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/fin2me.com\/wp-json\/wp\/v2\/comments?post=114290"}],"version-history":[{"count":0,"href":"https:\/\/fin2me.com\/wp-json\/wp\/v2\/posts\/114290\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fin2me.com\/wp-json\/wp\/v2\/media\/114289"}],"wp:attachment":[{"href":"https:\/\/fin2me.com\/wp-json\/wp\/v2\/media?parent=114290"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fin2me.com\/wp-json\/wp\/v2\/categories?post=114290"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fin2me.com\/wp-json\/wp\/v2\/tags?post=114290"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}