Investor Legal & General backs activist in Exxon proxy battle [Reuters]
LEGAL&GENL GRP PLC S/ADR (LGGNY)
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Source: Reuters
By Jennifer Hiller 3 Min Read HOUSTON, May 11 (Reuters) - Britain’s biggest asset manager, Legal & General, on Tuesday said it will vote for an activist hedge fund’s board slate at Exxon Mobil’s shareholder meeting later this month, fueling a pitched fight over the oil major’s future. Top U.S. oil producer Exxon is battling hedge fund Engine No. 1 over four seats on its 12-member board and the direction of the company. The fund has criticized Exxon’s poor returns, spending on fossil fuels and lack of clear plans for the energy transition. Legal & General Investment Management (LGIM) owns Exxon shares worth nearly $1 billion, according to Refinitiv data. It disclosed its voting plans in a blog on Tuesday. Exxon’s annual shareholders meeting will be held on May 26. LGIM also opposed the reelection to the board of Exxon’s chief executive, Darren Woods, and lead independent director Kenneth Frazier, and backs the separation of the CEO and chairman roles, John Hoeppner, head of U.S. stewa
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