Major Exxon Investor Joins Activist Battle to Reform Oil Giant
- Legal & General is biggest shareholder yet to back campaign
- Vote on overhauling board will take place later this month
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British insurer Legal & General Group Plc became the largest-yet Exxon Mobil Corp. investor to support an activist campaign to overhaul the oil giant’s board and make its climate goals more ambitious.
Just two weeks before a shareholders vote, the insurer’s asset management division will back Engine No. 1’s proposal to add four new directors and overhaul Exxon’s strategy to become more climate friendly. Legal & General Investment Management will also vote against re-electing Chairman and Chief Executive Officer Darren Woods, as well as lead director Kenneth Frazier.