Exxon’s May 29 annual meeting is shaping up as a test of how much support small investors can expect from top asset managers
The group including New York City Comptroller Brad Lander and the state treasurers of Connecticut, Nevada and other states called for votes against Exxon CEO and chair Darren Woods and the company’s lead independent director Joseph Hooley, saying in a statement Exxon’s suit would “undermine shareholder rights.”
. While Wall Street firms have touted their investments in corporate stewardship to guide votes on executive pay or shareholder resolutions, the firms hardly ever submit resolutions themselves. Other state financial leaders, including New York State Comptroller Thomas DiNapoli, have previously said they would vote public pension assets against Exxon directors because of the lawsuit. While the state systems are not among the largest Exxon shareholders, they have played an influential role in previous company director elections.
The unusual lawsuit has prompted concerns from investor groups and proxy advisers, though it is not clear if top shareholders will join earlier calls from religiously-affiliated investors to vote against Woods and Hooley.
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