The Illinois State Treasurer has recommended that shareholders of Exxon Mobil Corporation (NYSE:XOM) vote against reelecting CEO Darren Woods and Lead Independent Director Joseph Hooley in the upcoming annual shareholders meeting on May 29. This recommendation follows Exxon’s contentious legal actions against two activist shareholders, according to a recent filing.
Exxon Mobil, often at the center of shareholder disputes, initiated a lawsuit earlier this year aimed at blocking a vote on a climate-related proposal from these investors. Although the activists subsequently withdrew their proposal, the company has continued its legal challenge.
The treasurer criticized this move in a May 9 letter, suggesting that these legal actions reflect poorly on the company’s governance and board leadership. The proxy advisory firm Glass Lewis also echoed this sentiment last Friday, advising shareholders to vote against Hooley due to Exxon’s “unusual and aggressive tactics” in handling disputes with activist investors. As of now, Exxon Mobil has not responded publicly to these developments.
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