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Exxon says proxy advisor Glass Lewis should recuse itself from making recommendations
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Exxon says proxy advisor Glass Lewis should recuse itself from making recommendations
May 15, 2024 1:29 PM

May 15 (Reuters) - U.S. oil giant Exxon said on

Wednesday proxy advisor Glass Lewis should recuse itself from

making recommendations on its upcoming shareholder meeting due

to "conflicts of interest."

The company said Glass Lewis is a member of the Interfaith

Center on Corporate Responsibility (ICCR), which "has led the

media opposition to ExxonMobil's ( XOM ) decision to seek declaratory

relief in court" related to a lawsuit.

The lawsuit filed earlier this year is related to Exxon

seeking to block a vote on a climate proposal submitted by two

small activist investors, including Arjuna Capital, which is a

member of the ICCR.

Exxon, which is frequently the focus of critical shareholder

resolutions, had sidestepped the usual regulatory process to

fend off similar measures.

Earlier this week, Glass Lewis recommended investors vote

against Exxon's lead independent director, Joseph Hooley, citing

the company's insistence in pursuing a lawsuit against activist

investors who had withdrawn their resolutions against the

company.

Both ICCR and Glass Lewis did not immediately respond to

Reuters requests for comment.

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