02:57 PM EDT, 05/13/2024 (MT Newswires) -- Illinois State Treasurer Michael Frerichs asked Exxon Mobil ( XOM ) shareholders to vote against the election of Executive Chair and Chief Executive Darren Woods and independent director Joseph Hooley to the board on May 29, according to a regulatory filing.

In a letter dated Thursday Frerichs said the company does not have the right to act unilaterally on proposals presented by investors and shareholders should have the right to determine whether they enhance shareholder value or not.

Exxon's decision to sue shareholders and limit feedback on governance decisions undermines accountability between investors and corporate boards that is needed for "strengthening corporate governance, improving business performance, and protecting shareholder value," the letter added.

Illinois state treasurer said they will vote against these nominees to hold Exxon's senior board leadership accountable.

Exxon Mobil ( XOM ) did not immediately respond to MT Newswires' request for comment.

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