Exxon, activist spend over $65 million in proxy battle for oil giant’s future

Exxon Mobil Corp and a small activist hedge fund are waging a more than $65 million proxy fight over board seats, with the largest US oil producer marshalling executives, TV appearances, social media and websites to rebut the challenge.

The David-and-Goliath fight has Exxon determined to block Engine No. 1’s four nominees at its May 26 shareholder meeting, while urging shareholders reject proposals to split its chairman and chief executive roles, and block climate-related reports sought by other groups.

Exxon has out gunned its tiny rival’s $30 million budget with spending the company expects will be about $35 million above its usual proxy solicitation costs, according to regulatory filings.