XM does not provide services to residents of the United States of America.

Illinois state treasurer urges Exxon shareholders to vote against CEO Woods, director Hooley

<html xmlns="http://www.w3.org/1999/xhtml"><head><title>UPDATE 2-Illinois state treasurer urges Exxon shareholders to vote against CEO Woods, director Hooley</title></head><body>

Adds Exxon response in paragraph 7, background in paragraph 8

May 13 (Reuters) -Illinois state treasurer Michael Frerichs urged Exxon Mobil XOM.N shareholders to vote against the election of CEO Darren Woods, as the oil major pursues a lawsuit against two shareholders, a filing showed on Monday.

Frerichs also recommended voting against Exxon's Lead Independent Director Joseph Hooley at the company's annual shareholder meeting scheduled to take place on May 29.

Exxon, which is frequently the focus of critical shareholder resolutions, struck back earlier this year when it filed a lawsuit seeking to block a vote on a climate proposal submitted by two small activist investors.

While the investors responded by dropping the proposal, Exxon has refused to drop the legal action against them.

"The actions taken by the company signify poor judgment and oversight by board leadership," Frerichs said in a letter dated May 9, according to the filing.

Last Friday, Glass Lewis had recommended investors vote against Hooley, citing concerns about Exxon's "unusual and aggressive tactics" in pursuing a lawsuit against activist investors.

"By telling people to vote against our board, these groups are making it clear they have no interest in creating long-term shareholder value," an Exxon spokesperson said in response to Frerichs' letter.

A spokesperson for Frerichs' office said he would vote against Hooley and Woods with the shares he directly controls, including assets in the state's college-savings plans, only about 82,000 shares in all, rather than larger state pools.

Reporting by Sourasis Bose and Seher Dareen in Bengaluru; Editing by Shilpi Majumdar and Shounak Dasgupta


Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.

All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.

Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.

Risk Warning: Your capital is at risk. Leveraged products may not be suitable for everyone. Please consider our Risk Disclosure.