Reuters reveals New York state pension fund backs activist nominees in Exxon proxy fight

Reuters broke the news that New York state’s pension fund had thrown its support behind an activist fund’s slate of nominees to Exxon Mobil Corp’s board, heating up a proxy fight for the company’s future. The biggest U.S. oil producer and activist hedge fund Engine No. 1 are battling over board seats following Exxon’s historic net annual loss of $22.4 billion for 2020. The fund has slammed Exxon’s “significant underperformance” and lagging approach to cleaner fuels.