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.
