An activist investment firm prodding ExxonMobil to boost its alternative energy holdings and improve management oversight on Wednesday formally nominated four people to the board, in time for consideration ahead of this year’s annual meeting.

San Francisco-based Engine No. 1 LLC last month said it wanted to squeeze more value from ExxonMobil through “active ownership” that included nominating independent board candidates.

“Investors increasingly want to see companies focused on the long-term, and ExxonMobil is no exception,” Engine No. 1’s management team stated. 

“We believe that ExxonMobil’s board needs new members who have proven success positioning energy companies for today as well as tomorrow, and who are sufficiently independent from the current board...