Environment

New York state pension fund backs activist nominees in Exxon proxy fight

By Jennifer Hiller and Gary McWilliams, Reuters Posted on
2021-04-23T142337Z_1_LYNXMPEH3M0SU_RTROPTP_4_EXXON-MOBIL-OUTLOOK-1200×800-1

New York state’s pension fund on Friday threw its support behind an activist fund’s slate of nominees to Exxon Mobil Corp’s board, heating up a proxy fight for the company’s future.

The biggest U.S. oil producer Exxon and activist hedge fund Engine No. 1 are battling over board seats following Exxon’s historic net annual loss of $22.4 billion for 2020. The fund has criticized the producer for “significant underperformance” and a lagging approach to cleaner fuels.

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New York state pension fund backs activist nominees in Exxon proxy fight

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