The likelihood of a historic investor revolt at Exxon is growing after Glass Lewis recommended support for two of the four board nominees put forward by activist fund Engine No 1, which has spearheaded a campaign to overhaul the US oil giant’s board over its failure to respond to the threat posed to its business by the low-carbon transition.
The influential proxy advisor’s support comes days after its rival Institutional Shareholder Services (ISS) similarly recommended votes in favour for three of the activist’s nominees.
In its advice, Glass Lewis describes Engine No 1’s case as “compelling” – “this is not a simple ESG campaign with a myopic view on environmental or governance concerns and no regard for the economics of the business or shareholder value”, it states.
ISS, which published its recommendations on Friday, echoes Glass Lewis’s assessment, also describing Engine No 1’s argument as “compelling”. Exxon, it said, continues to base…