EnergyExxon, activist spend over $65 mln in battle for oil giant s future
Jennifer HillerSvea Herbst-bayliss
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Blanca Gonzales, 63, of Fort Worth, Texas, (L), and Susan Cooper, 78, of Richardson, Texas, protest Exxon s climate change policies as people arrive at the ExxonMobil s 2019 annual shareholders meeting in Dallas, Texas, U.S., May 29, 2019. REUTERS/Jennifer Hiller/File Photo
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Exxon Mobil Corp (XOM.N) and a small activist hedge fund are waging a more than $65 million proxy fight over board seats, with the largest U.S. oil producer marshalling executives, TV appearances, social media and websites to rebut the challenge.
The David-and-Goliath fight has Exxon determined to block Engine No. 1 s four nominees at its May 26 shareholder meeting, while urging shareholders reject proposals to split its chairman and chief executive roles, and block climate-related reports sought by other groups.
Exxon, activist spend over $65 million in battle for oil giant s future
By Jennifer Hiller and Svea Herbst-Bayliss
Reuters
HOUSTON (Reuters) - Exxon Mobil Corp and a small activist hedge fund are waging a more than $65 million proxy fight over board seats, with the largest U.S. oil producer marshalling executives, TV appearances, social media and websites to rebut the challenge.
The David-and-Goliath fight has Exxon determined to block Engine No. 1 s four nominees at its May 26 shareholder meeting, while urging shareholders reject proposals to split its chairman and chief executive roles, and block climate-related reports sought by other groups.
Exxon has out gunned its tiny rival s $30 million budget with spending the company expects will be about $35 million above its usual proxy solicitation costs, according to regulatory filings.
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Jeff McIntosh/The Canadian Press
Bank of Nova Scotia’s compensation plan for top executives is facing resistance from investors after an influential shareholder adviser flagged a perceived gap between the bank’s performance and the CEO’s pay.
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