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Proxy firm ISS advises vote against Exxon exec pay plan
May 19, 2017 / 4:03 AM / 7 months ago

Proxy firm ISS advises vote against Exxon exec pay plan

May 18 (Reuters) - Influential proxy adviser Institutional Shareholder Services (ISS) recommended investors break with Exxon Mobil Corp on some closely watched questions due to be voted at the energy company’s May 31 annual meeting.

ISS recommended investors vote “against” the pay of Exxon’s top executives, questioning if pay awards are strongly linked to performance, according to a report sent by an ISS spokesman on Thursday evening.

ISS recommended votes in favor of a shareholder resolution requesting Exxon to provide more information on the impact that climate change regulation could have on its business.

ISS supported all of Exxon’s directors up for election and backed its board recommendations on some other matters.

But the ISS recommendations against the company on the two high-profile questions show the pressure faced by the energy giant as shareholders mobilize more support on climate issues from big institutional investors.

Just last week for instance investors at Occidental Petroleum passed a similar measure calling for a report on the impact climate change policies could have on its business, after BlackRock Inc switched sides. (Reporting by Ross Kerber in Boston; Editing by Gopakumar Warrier)

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