Elliott Management Corp., one of the largest shareholders of Hess Corp. (HES), said Tuesday that consistent with Hess's promise to refresh the Board, Elliott has proposed that all shareholder nominees and all management nominees step onto a reconstituted Board—the size and composition to be agreed upon. Shareholders want real change and a renewed Board. Hess has promised such renewal and this solution will follow through on that promise.
Elliott said in the statement that the Shareholder Nominees look forward to working with the reconstituted Board to restore accountability and investor confidence that will maximize value for all Hess Shareholders.
On Monday, Hess said, as Elliott's nominees had waived their rights to Elliott's troubling compensation scheme, Hess is prepared to add two Elliott nominees if they are willing to serve along with Hess' nominees. These nominees will only be considered after Hess' five independent nominees are elected at the annual meeting.
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