Norway’s Wealth Fund to vote against Exxon Chairman and Director

Norway’s $1.6 trillion sovereign wealth fund announced on Friday that it will vote against the reappointment of Joseph Hooley, lead Independent Director of ExxonMobil, due to the company’s lawsuit targeting climate activist investors. This lawsuit has alarmed activists, proxy advisers, and some shareholders who fear it could suppress public company debates.

Additionally, NBIM will oppose the re-election of Exxon Chair Darren Woods, who also serves as CEO. The fund believes these roles should be separate and has opposed Woods’ board election annually since 2017.

NBIM, Exxon’s sixth-largest shareholder with a 1.23% stake according to LSEG data, joins others in opposing Hooley’s reappointment. Earlier this month, shareholder proxy advisor Glass Lewis recommended voting against Hooley at Exxon’s May 29 AGM, citing Exxon’s “unusual and aggressive tactics” in its lawsuit against activist investors.

Exxon claims that securities regulators have allowed too many resolutions to come to a vote, resulting in significant costs for companies. The company hopes its lawsuit will drive regulatory reform.