EXXON PROXY FIGHT LOOMS AFTER ACTIVIST NOMINATIONS

Exxon Mobil Corp. is heading for a proxy showdown after activist investor Engine No. 1 formally nominated four directors to the board of the energy giant, which is facing growing calls to change its strategy. Engine No. 1, which confirmed it nominated the slate of directors Wednesday morning, has the backing of the California State Teachers' Retirement System. “We believe that ExxonMobil's board needs new members who have proven success positioning energy companies for today as well as tomorrow, and who are sufficiently independent from the current board to ensure a clean break from a strategy and mindset that have led to years of value destruction and poorly positioned the company for the future,” Engine No. 1 said in a statement. Exxon stock is up 9.3 per cent so far this year.