- BlackRock funds withheld support from two high-profile directors at Exxon Mobil (XOM +0.4%) at the oil company's May 25 shareholder meeting, securities filings show, in a rare dispute apparently driven by a board communications policy.
- Funds including the $45B BlackRock Global Allocation Fund withheld support from XOM directors Jay Fishman and Kenneth Frazier this year.
- Reuters reports that BlackRock execs tried to discuss strategy and capital allocation with independent directors of an unnamed "large oil and gas corporation," but were rebuffed because of a policy against such talks, so BlackRock withheld support from the company's lead independent director and the chair of the committee that set the policy; the two were re-elected with 88% and 90% of votes cast, respectively, down from 95% and 98% in 2015.
- BlackRock is XOM's second-largest shareholder with ~6% of its stock.