Hess Corp. has ended a proxy battle with major shareholder Elliott Management Corp. (4.4%) by agreeing to appoint three Elliott-backed nominees to its board of directors. The reconstituted board would comprise 14 members; nine were replaced following the annual meeting Thursday. The activist hedge fund, which had claimed that the company was mismanaged and controlled by Hess family interests, agreed to support five Hess nominees. The board now will be reelected every year instead of every three. Elliott also led the charge to split the chairman and CEO roles, now held by John Hess, the son of the company’s founder, and it has forced the company to sell its downstream arm and monetize Bakken Shale midstream assets.
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The U.S. Supreme Court on Monday granted a request by the state of Delaware to appoint a special master in the border dispute case with New Jersey over the proposed siting of a liquefied natural gas (LNG) import terminal and berthing pier on the Delaware River.
The House is expected to appoint conferees for the upcoming House-Senate conference on the omnibus energy after it returns from its recess on Monday (July 11), according to a Capitol Hill spokesman.
It was two former FERC commissioners who recommended to then-Texas Gov. George W. Bush that he appoint a relative unknown at the time, Patrick Wood III, as a state regulator, Wood disclosed Thursday, dispelling reports that long-time Enron Chairman Kenneth Lay pulled political strings to get him the job.