Commodities & Futures News

Proxy advisor urges Exxon shareholders to vote to oust CEO

FILE PHOTO – People walk near the booth of the Exxon Mobil Corp at the Rio Oil and Gas Expo and Conference in Rio de Janeiro, Brazil September 24, 2018. REUTERS/Sergio Moraes

By Sabrina Valle

HOUSTON (Reuters) – British proxy advisor Pensions & Investment Research Consultants Limited (PIRC) on Monday urged Exxon Mobil Corp (NYSE:XOM) shareholders to vote against the re-election of five directors, including Chairman and Chief Executive Darren Woods at Wednesday’s annual general meeting.

PIRC, a proxy firm that makes recommendations to shareholders, also suggested a no vote on re-electing Alexander Karsner, one of the directors put up by activist hedge fund Engine No. 1 last year.

It also urged shareholders to vote against the company’s executive compensation plan at the Wednesday meeting.

Exxon’s compensation and benefits programs are designed to support the company’s core principles and business strategies and are market competitive for all employees, the company said in a written response.

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