The activist investor engaged in a proxy battle with Hess has reportedly proposed a new board for the US oil producer that would include all nominees put forward by both sides ahead of a vote in a few days’ time.
Elliott Management, which owns a 4.5% stake in Hess, is running a slate of
five directors against Hess' nominees. Shareholders will vote at the company's
annual meeting on 16 May.
want real change and a renewed board. Hess has promised such renewal and this
solution will follow through on that promise," Elliott said in a statement
cited by Reuters on Tuesday.
board currently comprises 13 members, according to the company's website.
Management said the size and composition of its proposed board had yet to be
Hess said on
Monday that it was prepared to add two of Elliott's nominees, chosen in
consultation with shareholders, if all of its own nominees are elected. Elliott
Management called the proposal a "PR stunt".
January pitched a plan to break up Hess and launched a campaign to install the
new directors. The hedge fund has said that directors are too closely tied to chief
executive John Hess.
company, in response, said that Hess would be stripped of his chairmanship
immediately after the annual meeting.
put forward a former General Electric executive, John Krenicki, as chairman.
Hess will remain chief executive and a director.
has announced plans to exit its retail gasoline, marketing and trading
businesses, and is looking to become a pure play exploration and production