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Lead says it backed Exxon board, however cites financier rights issues

Lead said its funds supported the election of Exxon's director nominees at its yearly conference last week, however the shared fund giant pointed out remaining issues about the energy company's suit against climate activists.

All 12 of the business's directors were re-elected

at the company's annual conference on May 29 including Exxon Chairman Darren Woods and Lead Director Joseph Hooley. The two were opposed by environmental activists after Exxon refused to end its suit against supporters who had actually advanced a. climate-measure at the conference, even after they dropped it.

Pennsylvania-based Vanguard mentioned Exxon's choice in a. current note published on its site.

While the company's decision to continue to pursue the. suit offers us some pause given the potential chilling effect. on future shareholder propositions, we do not, at this time, see. evidence that the (Exxon) board has actually managed actions that have. negatively affected shareholder returns, Vanguard composed.

A Vanguard representative declined further remark.

An Exxon agent stated the supporter of the. since-withdrawn resolution has actually not conceded that their proposal. breached SEC guidelines. This is the question at the heart of our. lawsuit: to look for clearness on the SEC proxy guidelines ... and consequently. foster an environment for open and meaningful investor. discussion..