The Norwegian State Fund, Norges Bank Investment Management (NBIM), has announced it will vote against the re-election of ExxonMobil director Joseph Hooley. This follows growing criticism from shareholders who accuse the US oil company of undermining the rights of the shareholders.

NBIM, the World's Largest Sovereign Wealth Fund, Manages Norway's $1.6 Trillion Oil Fund and Owns a 1.4 Percent Share in ExxonMobil, Making It One of the Company's Top Ten Shareholders. The Fund Joined a Group of Investors Expressing Concern Over an ExxonMobil Lawsuit Against Two Sustainability Investors.

In January, ExxonMobil sued Arjuna Capital and Follow This to block their shareholder proposals that aimed to commit the company to stronger measures for reducing greenhouse gas emissions. On Wednesday, a district court in Texas ruled that the case against Arjuna Capital can proceed, while the lawsuit against Follow This was dismissed for lack of jurisdiction.

NBIM declared that it would reject the re-election of Hooley, despite the significant value created during his tenure. "Norges Bank Investment Management places the utmost importance on the protection of shareholder rights and is concerned about potential impacts of litigation against shareholders arising from the filing of a shareholder proposal," said the fund.

A group which includes several U.S. state finance ministers and the comptroller of New York City called this week in a letter to the world's largest asset managers to vote against Exxon Chairman and CEO Darren Woods and Hooley. This group argued that ExxonMobil has wasted corporate assets on litigation and neglected the board's supervisory duties. CalPERS, the largest U.S. public pension manager, also announced it would vote against every ExxonMobil board member.

A spokesperson from ExxonMobil expressed disappointment over Norges Bank's decision. "We are disappointed by Norges' decision, as they and other investors have clearly benefited from Hooley's leadership, which has helped to generate over $90 billion in profits, $60 billion in shareholder distributions, and a total return of nearly 23 percent for shareholders over the past two years," the spokesperson said.