ExxonMobil Director Accountability: Register for Investor Briefing

ExxonMobil Director Accountability: What

Wespath Benefits and Investments and Mercy Investment Services invite you to an urgent online briefing for investors and members of the press to learn about what is shaping up to be a highly consequential board election this spring as ExxonMobil ($XOM) investors seek a No Vote on two key Board members at the company’s May 29th shareholder meeting.

In an unprecedented move, ExxonMobil filed a lawsuit against two of its own shareholders to block a shareholder resolution asking the company to focus on accelerating its climate transition plan, as other major oil companies have done, and refused to drop the lawsuit even after the proponents withdrew the resolution. ExxonMobil’s lawsuit is the equivalent of a SLAPP suit, intended to intimidate and silence the voices of Exxon shareholders concerned about the company’s longtime failure to address climate risks meaningfully.

The litigation is also an attack on the shareholder resolution process and the rights of shareholders to raise legitimate concerns about long-term risks to management, and it is an attempt to undermine the investor protection authority of the SEC. The lawsuit can be seen as part of a broader effort to undermine institutional investors, labor pension funds, endowments, and other responsible investors who seek to improve the performance of companies in addressing long-term risks.

Last week, ExxonMobil investors, led by Wespath Benefits and Investments and Mercy Investment Services, called upon their fellow ExxonMobil shareholders to vote against two of the directors most responsible for the company’s aggressive attacks on its shareholders: Executive Chair and CEO Darren Woods, and Joseph Hooley, the company’s Governance Chair. During this webinar, we will hear from investors about why a vote against these two directors is important for creating ExxonMobil board accountability. After their statements, there will be an audience Q&A.

ExxonMobil Director Accountability: When & Where

Thursday, May 9th at Noon ET via ZOOM  Register

ExxonMobil Director Accountability: Speakers

Speakers confirmed to date are Illinois State Treasurer Michael Frerichs, Maryland Comptroller Brooke Lierman, Mary Minette, Senior Director of Shareholder Advocacy at Mercy Investment Services, and Lucas Schoeppner, Manager, Investment Stewardship at Wespath Benefits and Investments, and other institutional investors. This session will be facilitated by Renaye Manley, Senior Advisor, Capital Markets Center, a project of the Amalgamated Foundation.

A fuller briefing memo and a final list of speakers will be sent to all registrants before the webinar. For more information, see Illinois State Treasurer Michael Frerich’s op-ed in the Houston Chronicle, “Exxon Shouldn’t Be Able To Silence Its Shareholders.”

CONTACT: Bill Dempsey, Senior Advisor, Capital Markets Center (a project of the Amalgamated Foundation) or Mary Minette, Mercy Investment Services.


ExxonMobil Director Accountability: ICCR’s Letter

The Interfaith Center on Corporate Responsibility (ICCR) sent a letter to ExxonMobil’s board of directors urging them to convince management to drop a lawsuit against shareholders Arjuna Capital and Follow This. These shareholders had proposed a resolution for ExxonMobil to enhance its climate risk disclosures and accelerate its greenhouse gas (GHG) emissions reduction to meet net zero by 2050. ExxonMobil responded by filing a lawsuit in a Northern Texas court, known for being sympathetic to the company, to block this proposal from being included in the corporate proxy for voting at the upcoming annual meeting

ICCR views the lawsuit as a significant threat to shareholder rights and an attempt to suppress debate on necessary actions to address climate risks. This action is seen as bypassing the Securities and Exchange Commission (SEC), which typically oversees the shareholder proposal process. ICCR’s CEO, Josh Zinner, criticized the lawsuit as an intimidation tactic aimed at silencing dissent and highlighted ExxonMobil’s history of downplaying the urgency of climate change despite its own scientists establishing a link between fossil fuel combustion and global warming as early as the late 1980s.

The lawsuit follows a pattern of ExxonMobil resisting shareholder initiatives to address climate change, as evidenced by its conflict with Engine No. 1 in 2021 and its long-standing misinformation campaign on climate issues. ICCR’s letter emphasizes that shareholder proposals on climate action have historically been a critical means for investors to express their concerns and influence company policies on climate risks.

ExxonMobil Director Accountability: Similar Posts on CorpGov.net

I fully endorse a withhold campaign against ExxonMobil’s CEO Darren Woods and their Governance Chair Joseph Hooley. Majority Action calls on shareholders to vote against all ExxonMobil directors up for election. Company shareholders should not be silenced. I personally have been here before but ExxonMobil’s approach is even more threatening to shareholder rights. Corporations should not be democratic-free zones.

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