Advisory Firm Glass Lewis Recommends Board Nominees for Exxon

18 May 2021

    Advisory firm  - Glass Lewis recommended that Exxon Mobil shareholders elect two of hedge fund Engine No. 1's four board nominees in a proxy contest.


    The activist fund Engine No. 1 has taken aim at Exxon's board and its future direction in the first major shareholder contest to make climate change a top issue, having criticised US largest oil produces for poor financial returns and a slow approach to the transition to lower-carbon energy.


    Glass Lewis recommended that shareholders vote for Gregory Goff - former chief executive at oil refiner Andeavor, and Alexander Karsner - former US Assistant Secretary of Energy for efficiency and renewable energy.


    "Electing even a portion of Engine 1's slate would send a clear message of shareholder dissatisfaction with Exxon's recent direction and strategy”, Glass Lewis said, further mentioning  that Exxon had underperformed peers and its energy transition plan was "generally insufficient and lacking in key areas."


    In addition to backing the two  activist candidates, Glass Lewis recommends votes in favor of eight current Exxon directors including Chief Executive Officer - Darren Woods.


    By choosing Engine No. 1's proxy card instead of the company's, Glass Lewis' recommendation leaves out current Exxon directors.


    Exxon's shareholders are  scheduled to meet on May 26.

    *The products advertised are only available to clients under Fondex Limited (SDL No: SD037). Trading CFDs involves significant risk of loss.


Cookies on Fondex

The Fondex website uses cookies to optimise user experience.

These cookies fall under the following categories: essential, functional and marketing cookies. Marketing cookies may also include third-party cookies.

Manage Preferences

You can customize your selection of which cookies you want to accept.

  • Essential

    These cookies are necessary for the website to function correctly and cannot be switched off.

  • Functional

    Functional cookies allow the website to remember users' preferences and the choices you make on the website such as username, region, and language.

  • Marketing

    These cookies are used to track visitors across our websites and show you more relevant ads. Marketing cookies also include third-party cookies from partners. For more information relating to data protection & collection please view our Privacy Policy and Cookie Disclosure.


The Company would like to inform you that it will terminate its operations under the "Fondex" brand by 30th of December 2022. If you wish to open a trading account, kindly visit