BlackRock says voted to split CEO, chairman roles at Exxon Mobil
Reuters
Published May 27, 2020 15:24
Updated May 27, 2020 16:06
HOUSTON (Reuters) - Top fund manager BlackRock Inc (N:BLK) on Wednesday said it cast an advisory vote in favor of an independent chairman and against the reelection of two directors at Exxon Mobil Corp (N:XOM) over the company's approach to climate risks.
Exxon shareholders on Wednesday rejected all four shareholder resolutions with none getting more than 38% of the votes cast. The independent chairman proposal fell with 32.7% in favor of an appointment when the next chief executive is named.
BlackRock, which this year joined the Climate 100+ investor group seeking greenhouse gas emissions curbs, said the current board lacked independent leadership and showed no "sense of urgency" with regard to climate-related risks.
"Exxon may benefit from the addition of an individual with more direct industry experience on the board," the investor said. BlackRock is the second largest institutional owner of Exxon with about 6.7% of Exxon shares outstanding.
It voted against Exxon directors Angela Braly, the former CEO of health insurer WellPoint (NYSE:ANTM), and Kenneth Frazier, the CEO of pharmaceutical maker Merck & Co, over the Exxon's "insufficient progress" on climate related financial disclosures and related action, BlackRock said. Both directors were reelected.
"We continue to see a gap in the company's disclosure and action with regard to several components of its climate risk management," BlackRock wrote of its votes.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.