By Jennifer Hiller and Svea Herbst-Bayliss
HOUSTON/BOSTON (Reuters) – The full make-up of Exxon Mobil Corp (NYSE:)’s board of administrators remained undecided following Wednesday’s hotly contested election through which 16 candidates vied for 12 seats.
In a shareholder vote that rocked the oil trade, activist hedge fund Engine No. 1 received a minimum of two seats with help from high Exxon traders BlackRock Inc (NYSE:), State Street Corp (NYSE:), and Vanguard Group. The contest was marked by controversy with the hedge fund warning of final minute vote adjustments and accusing Exxon of delaying the depend “for its own purpose.”
Inspectors are sifting via hundreds of thousands of digital and mail-in ballots for the remaining two candidates with the better quantity of votes.
WHO IS COUNTING VOTES?
An inspector of elections, which will be a number of folks, is employed to arrange results. The course of would possibly run into June, in accordance Exxon spokesman Casey Norton, as a result of of the sheer quantity of votes and evaluating ballots will be advanced.
WHAT DO INSPECTORS CONSIDER?
With hundreds of thousands of shares altering fingers each day, ineligible shareholders generally solid ballots. The inspector should test ballots so solely eligible votes are counted, and that modified votes will not be double counted, mentioned Cal Smith, a companion at legislation agency King & Spalding. Only Exxon shareholders as of March 29 had been eligible.
WHAT HAPPENS NEXT?
If both aspect challenges the preliminary results, the subsequent cease is known as the “snake pit,” the place the inspector, proxy solicitors for all sides and their legal professionals assessment the votes.
HOW LONG DOES A SNAKE PIT LAST?
It can take weeks to determine whether or not a shareholder had the proper to vote, whether or not there was correct chain of custody, and whether or not a last-minute vote change can supersede a earlier poll. Once this occurs, the vote will be licensed.
WHO HAS BEEN ELECTED SO FAR?
Eight of Exxon’s nominees, together with Chief Executive Darren Woods, and two of Engine No. 1’s nominees, former refining executives Gregory Goff and Kaisa Hietala, had been elected by snug margins.
WHAT NOMINEES REMAIN IN CONTENTION?
Exxon administrators Steven Kandarian, Douglas Oberhelman, Samuel Palmisano and Wan Zulkiflee, and Engine No. 1 nominee Alexander Karsner are nonetheless in the working.
HOW MIGHT THE BOARD MAKEUP CHANGE?
Exxon may seat six to seven new administrators inside little greater than a 12 months – half its membership. The tally consists of new appointments earlier this 12 months, election results and a pledge so as to add two new administrators inside 12 months.
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