Exxon Mobil Corp. shareholders should reject activist investor Engine No. 1’s proposals at the company’s annual meeting, the oil giant said Monday in a preliminary proxy filing. The company said shareholders should instead vote in favor of Exxon’s nominated directors, including Jeff Ubben, who was announced as a board member Monday. Engine No. 1 has launched a proxy battle with Exxon, taking the company to task over both its approach to climate change and track record of spending money on projects that yield weak returns.
The annual meeting is typically held in May. According to the filing, Exxon investors will likely vote on 11 proposals covering political contributions, climate reports and appointing an independent chairman, among other topics.