Proxy advisor urges Exxon shareholders to oust Woods as chairman – Reuters

  • Date: 24-May-2022
  • Source: Reuters
  • Sector:Economy
  • Country:Gulf
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Proxy advisor urges Exxon shareholders to oust Woods as chairman – Reuters

HOUSTON, May 23 (Reuters) - British proxy adviser PIRC on Monday urged Exxon Mobil Corp (XOM.N) shareholders to vote against the re-election of five directors, including Chairman Darren Woods, at an annual general meeting on Wednesday.

PIRC, or Pensions & Investment Research Consultants, is the latest proxy firm to urge investors to oppose proposals by the oil major's board. Other large oil companies have enjoyed an easy ride at shareholder meetings so far in 2022 when compared with last year's meetings.

PIRC said Woods, which also serves as chief executive officer, should be held accountable as chairman for assuring the company's strategy to meet Paris-aligned goals to reduce carbon emissions. It also said his serving in the chairman and CEO roles represents "a concentration of power" potentially detrimental to board balance.