Iranian Oil ,Gas and Petrochemical Products Exporters' Union

ISS piles on pressure for Exxon board overhaul

ISS piles on pressure for Exxon board overhaul
ExxonMobil faces an investor revolt at its annual meeting this month after proxy adviser Institutional Shareholder Services recommended voting for three of four new board members nominated by an activist hedge fund, piling pressure on chief executive Darren Woods. The fund, Engine No 1, has called for a board overhaul and sweeping changes to Exxon’s strategy on climate, capital allocation and executive pay. The vote on May 26 is shaping up to be one the biggest proxy contests in US corporate history and will reveal the extent of investor concern about climate risks facing fossil fuel producers. ISS’s advice, circulated to shareholders yesterday, said Engine No 1 had “made a compelling case for change” and suggested Exxon’s strategy remained too reliant on rosy assumptions about future oil consumption. Exxon’s “energy transition strategy appears to rely heavily on carbon capture, which will likely require government support to be viable”, it said. Engine No 1 said the ISS recommendation was “further validation of our belief that addressing the fundamental issues at ExxonMobil requires a board that includes individuals with relevant energy industry experience and skills”. The ISS statement puts significant momentum behind the fund’s fivemonth-long proxy campaign. On Wednesday, UK-based Pensions & Investment Research Consultants, another proxy adviser, backed the fund’s four board nominees and recommended voting against five Exxon board members, including Woods. Glass Lewis, another shareholder adviser, has yet to make its recommendation. Calstrs, Calpers, and New York State Common Retirement Fund — the three biggest US pension funds — and asset manager Legal & General Investment Management, another Exxon shareholder, have all said they will vote for Engine No 1’s slate. Exxon’s three biggest shareholders, BlackRock, State Street and Vanguard, have not revealed their voting intentions. In January, BlackRock chief Larry Fink made climate change risks a central theme of his annual letter to CEOs. Exxon stock has outperformed rivals this year and is up almost 50 per cent
May 15, 2021 11:51
financial times |


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The section of oil, gas and petro-chemistry is the up-most and first industrial vantage of the country and the pivot of the Economy of Iran. Regarding the importance of this section and the need for coordinating and organizing the most active people in the field of production and exporting oil ,gas, and petrochemical products ,some forethoughtful and job- makers in the private section of the country decided to come together to fight against the threats by using the opportunity of mass intelligence and potentials.