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Exxon says proxy advisor Glass Lewis should recuse itself from making recommendations

Reuters
·1-min read

May 15 (Reuters) - U.S. oil giant Exxon said on Wednesday proxy advisor Glass Lewis should recuse itself from making recommendations on its upcoming shareholder meeting due to "conflicts of interest."

The company said Glass Lewis is a member of the Interfaith Center on Corporate Responsibility (ICCR), which "has led the media opposition to ExxonMobil's decision to seek declaratory relief in court" related to a lawsuit.

The lawsuit filed earlier this year is related to Exxon seeking to block a vote on a climate proposal submitted by two small activist investors, including Arjuna Capital, which is a member of the ICCR.

Exxon, which is frequently the focus of critical shareholder resolutions, had sidestepped the usual regulatory process to fend off similar measures.

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Earlier this week, Glass Lewis recommended investors vote against Exxon's lead independent director, Joseph Hooley, citing the company's insistence in pursuing a lawsuit against activist investors who had withdrawn their resolutions against the company.

Both ICCR and Glass Lewis did not immediately respond to Reuters requests for comment. (Reporting by Seher Dareen in Bengaluru; Editing by Shailesh Kuber)