Exxon urges shareholders to reject 7 proposals up for vote at annual meeting

Exxon urges shareholders to reject 7 proposals up for vote at annual meeting
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BENGALURU (March 16): Oil major Exxon Mobil Corp on Tuesday urged shareholders to reject seven proposals up for voting at its annual meeting on May 26, including the proposition to split its chairman and CEO roles.

The shareholders' proposals also include BNP Paribas' demand for a report on Exxon's climate-related lobbying and whether such activities align with the Paris Accord. Another proposal asks for an analysis of how 2050 net zero carbon emission targets affect Exxon's business. 

Last year, Exxon's shareholders rejected climate-related proposals and splitting the chairman and chief executive's roles at the company's annual meeting. 

Exxon is also facing a proxy fight from activist investor Engine No. 1 that last year took on the top US oil producer for what it said were poor financial returns and a lagging approach to cleaner fuels.

Engine No. 1 on Monday named four directors it wants shareholders to remove at Exxon's upcoming annual general meeting.

The fund singled out three former chief executives of prominent US companies and the former head of Malaysia's state-run oil firm who joined the board last month, for removal.