Legal & General Investment Management said it will vote against the re-election of Exxon Mobil Corp. Chairman and CEO Darren W. Woods, citing "a lack of strategic ambition when it comes to climate change."
LGIM said Wednesday in a statement that it will also vote to separate the chairman and CEO roles and to require the company to disclose its lobbying activities.
The decision was announced before the company's annual general meeting May 27 as a signal to management and shareholders that LGIM is escalating its pressure on Exxon Mobil because of "persistent climate and governance concerns" that are at odds with other actions by other high-carbon companies. The company's refusal to provide full carbon disclosure and set targets "are magnified by a persistent lack of chair/CEO independence," LGIM said.
"While the principles that drive our proxy voting practices are consistently applied across our holdings, we highlight Exxon Mobil given its unique influence as an energy leader and iconic American company," John Hoeppner, LGIM America's head of U.S. stewardship and sustainable investments, said in the statement. "We want to see leadership on climate change strategy from Exxon Mobil."
