The Illinois state treasurer has called on shareholders of Exxon Mobil Corporation (NYSE:XOM) to vote against CEO Darren Woods and Lead Independent Director Joseph Hooley at the upcoming annual shareholders meeting on May 29. This recommendation stems from Exxon’s ongoing legal battle against two shareholders, according to a recent filing.
Exxon, often the target of critical shareholder resolutions, initiated a lawsuit earlier this year to prevent a vote on a climate proposal by two activist investors. Despite the investors withdrawing their proposal, Exxon has continued its legal actions against them.
In a letter dated May 9, the treasurer criticized the Exxon board’s decision to pursue these lawsuits, stating it reflects “poor judgment and oversight by board leadership.” Exxon Mobil has not yet responded to these allegations.
Furthermore, the advisory firm Glass Lewis supported this stance last Friday, recommending that shareholders vote against Hooley due to Exxon’s “unusual and aggressive tactics” in handling disputes with its activist shareholders.
Featured Image: Freepik
