Major proxy advisory firms and investment managers have thrown their weight behind the nominees.
Shareholders will vote on the activist proposals at the company s annual meeting today.
The activist investment firm, Engine No. 1, has been piling pressure on Exxon Mobil Corporation for the past few months to embrace a transition to a low-carbon world and accept its demand for four board seats.
The ongoing proxy battle could come to a close today when the shareholders of the oil giant vote on the proposals at the company’s annual meeting, according to the Wall Street Journal.
Are you looking for fast-news, hot-tips and market analysis?
18 May 2021 6:21 GMT Updated 18 May 2021 6:21 GMT
OPINION: This year’s annual general meeting season for the major oil companies is proving a testing time for the industry.
Climate concerns have shot up the agenda and an AGM is one very public event when activist shareholders can challenge the board and grab media attention.
ENERGY EXPLORED: SUBSCRIBE TO ACCELERATE
Gain valuable insight into the global oil and gas industry s energy transition from
BP chief executive Bernard Looney might have expected to win some plaudits for more details on his bold energy transition strategy last week.
Instead, it seems that each step down the path to change is being met with heightened expectations from critics.
Proxy advisor ISS recommends votes for Chevron CEO, directors - Netscape Money & Business netscape.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from netscape.com Daily Mail and Mail on Sunday newspapers.
The recommendations come ahead of the company’s shareholder meeting on May 26.
ISS also recommended backing other Chevron directors and is also in favor of shareholder proposals for reducing the emissions from customer use of the company’s products, and developing a report on impacts of achieving net zero emissions by 2050.
The ISS recommendations carry weight among institutional investors and often guide how they vote at corporate meetings.
London-based governance advisor Pensions & Investment Research Consultants (PIRC) has urged opposition to Wirth because of the company’s combined board chairman and CEO roles, and support of several climate and governance proposals.
Influential proxy advisor Institutional Shareholder Services (ISS) on Friday threw its weight behind a small hedge fund's nominations for Exxon Mobil's board in a decision that could affect the outcome of a bitter corporate battle.