Norway’s Wealth Fund Opposes Exxon Director Over Climate
- Exxon has sued two environmental activist shareholders
- Fund is concerned about impact of litigation against investors
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Norway’s $1.6 trillion wealth fund plans to vote next week against the election of Exxon Mobil Corp. Director Joseph Hooley after the oil and gas giant filed a lawsuit against climate-focused shareholders.
Norges Bank Investment Management voiced concern about the potential impact of litigation against investors for simply submitting a shareholder proposal. The fund said in a statement Friday that it will continue to engage with Exxon on the topic.