(Reuters) -Illinois state treasurer Michael Frerichs urged Exxon Mobil shareholders to vote against the election of CEO Darren Woods, as the oil major pursues a lawsuit against two shareholders, a filing showed on Monday.
Frerichs also recommended voting against Exxon’s Lead Independent Director Joseph Hooley at the company’s annual shareholder meeting scheduled to take place on May 29.
Exxon, which is frequently the focus of critical shareholder resolutions, struck back earlier this year when it filed a lawsuit seeking to block a vote on a climate proposal submitted by two small activist investors.
While the investors responded by dropping the proposal, Exxon has refused to drop the legal action against them.
“The actions taken by the company signify poor judgment and oversight by board leadership,” Frerichs said in a letter dated May 9, according to the filing.
Last Friday, Glass Lewis had recommended investors vote against Hooley, citing concerns about Exxon’s “unusual and aggressive tactics” in pursuing a lawsuit against activist investors.
“By telling people to vote against our board, these groups are making it clear they have no interest in creating long-term shareholder value,” an Exxon spokesperson said in response to Frerichs’ letter.
A spokesperson for Frerichs’ office said he would vote against Hooley and Woods with the shares he directly controls, including assets in the state’s college-savings plans, only about 82,000 shares in all, rather than larger state pools.
(Reporting by Sourasis Bose and Seher Dareen in Bengaluru; Editing by Shilpi Majumdar and Shounak Dasgupta)
