A shareholder proposal from Wespath Benefits and Investments and Mercy Investment Services calls for shareholders to reject the appointments of a number of ExxonMobil executives, alleging the company has retaliated against shareholders in an SEC filing filed on April 18.
The proxy exempt solicitation asks investors to reject the appointment of CEO Darren W. Woods and Jay L. Hooley, lead independent director and nominating and governance chair. Investors will vote on proposal at the company’s annual meeting on May 29.
The exempt solicitation states that ExxonMobil retaliated against shareholders Arjuna Capital and Follow This, which filed a proxy resolution with the company to discuss carbon emissions. The solicitation alleges that Exxon sued to “silence constructive discussion of its strategy.” That lawsuit was filed in January 2024.
“The solicitation encourages shareholders to vote against incumbent nominees Darren W. Woods and Joseph L. Hooley due to their oversight of the company’s hostile treatment of shareholders, including recent legal action taken by the company against its own investors. Exxon’s recent hostility toward shareholders comes amid continued shareholder concerns regarding the company’s management of climate-related risks,” Wespath said in a press release.
Wespath is a pension system for the United Methodist Church, with more than 100,000 members and $26 billion in assets under management As of March 31, 2024, Wespath owned 319,342 shares of ExxonMobil, valued at $37,120,314. Mercy Investment Services is a ministry of the Sisters of Mercy of the Americas and is an impact investor who has strong involvement in proxy voting.
“We support Exxon in its goal to responsibly grow long-term investor value. However, CEO Darren W. Woods and Lead Director Jay L. Hooley have demonstrated disdain for the voice of shareholders and are willing to use the threat of lawsuits to silence them. Hence, we urge shareholders to vote AGAINST Mr. Woods and Mr. Hooley,” the proposal concluded.
On April 22, the Interfaith Council on Corporate Responsibility filed a proxy exempt solicitation against ExxonMobil, accusing the company of retaliating against ICCR and other proxies for raising concerns about the company’s energy transition plans.
“As fiduciaries, ICCR members are keenly interested in the long-term financial success of the companies held in their portfolios, including ExxonMobil. Given the increasing urgency of the climate crisis and the systemic risks from climate change inherent in ExxonMobil’s fossil fuel business, many if not most proposals have highlighted the importance of setting the meaningful decarbonization targets necessary to put the company on a more sustainable energy path.” ICCR stated in a press release.
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Tags: e Interfaith Council on Corporate Responsibility, ExxonMobil, ICCR, Mercy Investment Services, Shareholder Activism, Shareholders, Wespath Benefits and Investments