Exclusive: BlackRock backs dissident’s nominees in rebuke to Exxon – sources By Reuters – Investing.com

Exclusive: BlackRock backs dissident’s nominees in rebuke to Exxon – sources By Reuters – Investing.com

By Svea Herbst-Bayliss

(Reuters) -BlackRock, Exxon Mobil Corp (NYSE:)'s second largest shareholder, is backing several of upstart hedge fund Engine No. 1's candidates to join the company's board, in a blow to the energy giant, according to people familiar with the matter.

With the annual shareholder meeting Wednesday, Exxon has been scrambling to win the backing of major institutional investors for its directors. Its toughest boardroom battle in recent history comes as the company faces criticism for its reluctance to invest more in renewable energy and for years of weak financial performance.