Activists urge BlackRock, Vanguard to vote against Exxon

HOUSTON: Climate activists are prodding Exxon Mobil Corp's top shareholders to vote against the reelection of two directors, a move that could boost a hedge fund's proxy fight to seat four candidates on the oil giant's board.

Environmental group Sierra Club and other activists have bombarded BlackRock Inc and Vanguard Group with calls and emails urging that they vote against Exxon Chief Executive Darren Woods and lead independent director Kenneth Frazier at this month's shareholder meeting.

The two money management firms hold more than 13% of Exxon shares combined. Exxon is battling activist hedge fund Engine No. 1 over four seats on the 12-member board and the company's future direction. The fund has criticized Exxon's poor returns from heavy spending on fossil fuels and lack of a clear transition to cleaner fuels. It has support from some large pension funds in California and New York. BlackRock and Vanguard declined to comment on their stance.