Exxon Mobil CEO disagrees with the recommendations.
Leading proxy advisory firms throw their weight behind the recommendations.
Exxon Mobil’s (NYSE: XOM) investor meeting is on May 26 and the company has been facing increasing pressure from activist investor Engine No. 1 to shake up its board since December of last year.
Engine No. 1 has recommended its own slate of four new directors. With some leading proxy advisory firms throwing their weight behind the recommendations, the company faces heightened pressure.
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Backing from proxy advisory firms just adds to the pressure!
EnergyProxy advisor PIRC recommends vote against Chevron CEO
Reuters
2 minute read
Chevron Corp Vice Chairman Michael Wirth speaks at Gastech, the world s biggest expo for the gas industry, in Chiba, Japan April 4, 2017. REUTERS/Toru Hanai
Governance advisor Pensions & Investment Research Consultants (PIRC) on Wednesday recommended shareholders of Chevron Corp (CVX.N) cast votes against Chief Executive Michael Wirth at the company s upcoming shareholder meeting.
PIRC urged opposition to Wirth because of the company s combined board chairman and CEO roles. The No. 2 U.S. oil producer also faces several climate and governance proposals that London-based PIRC said it supports.
Chevron did not immediately respond to a request for a comment.
Governance advisor Pensions & Investment Research Consultants (PIRC) on Wednesday recommended Exxon Mobil shareholders vote in favor of four hedge fund…
PIRC sides with activist investor in Exxon boardroom battle
PIRC has added its name to the list of shareholders gearing up with side with activist investor Engine No. 1.
Governance advisor Pensions & Investment Research Consultants (PIRC) has recommended Exxon Mobil shareholders vote in favour of four hedge fund board nominees, adding further fuel to the battle for Exxon’s boardroom.
Exxon and activist hedge fund Engine No. 1 are battling over board seats and Exxon’s strategy to meet demands for lower-carbon energy.
The fund has nominated four board candidates and criticised existing directors for a lack of “credible plan” as energy markets shift to cleaner fuels.
Vote against Shell s energy transition strategy, Pirc urges investors
Investors have been advised to vote against Shell s energy transition plans.
Shareholder advisory PIRC has recommended investors vote against Shell’s non-binding resolution on its energy transition strategy at its annual meeting next week.
The Pensions & Investment Research Consultants (PIRC), a major proxy advisory, said Royal Dutch Shell’s strategy to cut emissions “does not seem to have a clear plan for the competitive aspects of the energy transition.”
PIRC joins calls by several investors and activists opposing Shell’s strategy, which has nevertheless won support of major investors that are part the Climate Action 100+ group.