(Reuters) – U.S. oil giant Exxon said yesterday proxy advisor Glass Lewis should recuse itself from making recommendations on its upcoming shareholder meeting due to conflict of interest.
The company said Glass Lewis is a member of the Interfaith Center on Corporate Responsibility (ICCR), which “has led the media opposition to ExxonMobil’s decision to seek declaratory relief in court” related to a lawsuit.
Glass Lewis said, “our membership in industry organizations does not create a conflict with all other members of those groups; rather our participation… is to remain abreast of ongoing global and regional trends that impact our clients and industry.”
Earlier this week, Glass Lewis recommended investors vote against Exxon’s lead independent director, Joseph Hooley, citing the company’s insistence in pursuing a lawsuit against activist investors who had withdrawn their resolutions against the company.
The lawsuit filed earlier this year is related to Exxon seeking to block a vote on a climate proposal submitted by two small activist investors, including Arjuna Capital, which is a member of the ICCR.
Exxon, frequently the focus of critical shareholder resolutions, had sidestepped the usual regulatory process to fend off similar measures.
Additionally, the ICCR called Glass Lewis an “affiliate member” of the organization, which is a “more limited form of membership,” with limited access to materials and not being eligible to vote on organizational policies or board nominations.
