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Illinois state treasurer urges Exxon shareholders to vote against CEO Woods, director Hooley
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Illinois state treasurer urges Exxon shareholders to vote against CEO Woods, director Hooley
May 13, 2024 10:51 AM

May 13 (Reuters) - The Illinois state treasurer has

urged Exxon Mobil ( XOM ) shareholders to vote against the

election of Executive Chair and CEO Darren Woods, as the oil

major pursues a lawsuit against two shareholders, a filing

showed on Monday.

The treasurer has also recommended voting against Lead

Independent Director Joseph Hooley during the company's annual

shareholders meeting scheduled to take place on May 29.

Exxon, which is frequently the focus of critical shareholder

resolutions, struck back earlier this year when it filed a

lawsuit seeking to block a vote on a climate proposal submitted

by two small activist investors.

While the investors responded by dropping the proposal,

Exxon has refused to drop the legal action against them.

"The actions taken by the company signify poor judgment and

oversight by board leadership," the filing cited the treasurer

as saying in a letter dated May 9.

Exxon did not immediately respond to a Reuters request for

comment.

Last Friday, Glass Lewis had recommended investors vote

against Hooley, citing concerns about Exxon's "unusual and

aggressive tactics" in pursuing a lawsuit against activist

investors.

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