- Climate activists including the Sierra Club are bombarding BlackRock and Vanguard with calls and emails urging them to vote against Exxon Mobil (NYSE:XOM) CEO Darren Woods and lead independent director Kenneth Frazier at this month's shareholder meeting, Reuters reports.
- The two money management firms hold more than 13% of Exxon shares combined.
- Exxon already is battling activist hedge fund Engine No. 1 over four seats on the 12-member board and the company's future direction, and intervention by BlackRock and Vanguard could boost the chances for a successful proxy fight.
- Supporters from various groups have sent at least 10,000 emails and made hundreds of phone calls to BlackRock and Vanguard, asking them to vote against Woods and Frazier, according to the Australian-based Sunrise Project.
- Saying Exxon's board "needs an overhaul" to better manage climate risks and guide the company to a low carbon future, New York state's pension fund also has voiced its support for Engine No. 1's slate of Exxon board nominees.