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Hess Corporation March 11, 2021 VIA E-MAIL ([email protected]) Office of Chief Counsel Division of Corporation Finance Securities and Exchange Commission 100 F Street, NE Washington, D.C. 20549 Re: Hess Corporation Withdrawal of No-Action Request, Dated February 8, 2021, Regarding Shareholder Proposal Submitted by The Vermont Pension Investment Committee and the Minnesota State Board of Investment Securities Exchange Act of 1934—Rule 14a-8 Ladies and Gentlemen: We refer to our letter, dated February 8, 2021 (the “No-Action Request”), pursuant to which we requested that the Staff of the Division of Corporation Finance (the “Staff”) concur with Hess Corporation’s view that it may exclude the shareholder proposal and related supporting statement (the “Proposal”) submitted by the Vermont Pension Investment Committee and the Minnesota State Board of Investment, as proponents (the “Proponents”), from its proxy statement and form of proxy for its 2021 Annual Meeting of Shareholders. Attached hereto as Exhibit A is correspondence, dated March 9, 2021 (the “Proponents’ Withdrawal Correspondence”), from the Vermont Pension Investment Committee on behalf of the Proponents withdrawing the Proposal. In reliance on the Proponents’ Withdrawal Correspondence, we hereby withdraw the No-Action Request. Please do not hesitate to contact me at (212) 819-8509 or [email protected] if you have any questions or require any additional information. Very truly yours, David Johansen Enclosures cc: Barry Schachter, Hess Corporation Elizabeth A. Pearce, Vermont State Treasurer’s Office (c/o Katie Green) Mansco Perry III, Minnesota State Board of Investment (c/o John Mulé) Exhibit A See Attached From: Schachter, Barry <[email protected]> Sent: Tuesday, March 9, 2021 6:19 PM To: Green, Katie <[email protected]>; Mills, Myriam <[email protected]>; Sagebien, Alex <[email protected]>; Webster, Tony <[email protected]>; Cauley, Jess <[email protected]> Cc: Blumenshine, Nate (SBI) <[email protected]>; Laetitia Pirson <[email protected]>; O'Brien, Maureen <[email protected]>; Henry, Eric <[email protected]>; Mule, John (SBI) <[email protected]>; Andrew Logan <[email protected]>; [email protected] Subject: RE: VPIC Proposal ‐ Hess Corp. Katie, John and Nate: Thank you for agreeing to withdraw the shareholder proposal filed by the VPIC and Minnesota SBI. We will notify the SEC of the withdrawal and, on that basis, will withdraw our request for no‐action relief. We appreciate your engagement with us on this topic and look forward to continuing our dialogue. Alex Sagebien and his team will reach out with some times for a follow‐up call. Regards, Barry From: Green, Katie <[email protected]> Sent: Tuesday, March 9, 2021 9:31 AM To: Schachter, Barry <[email protected]>; Mills, Myriam <[email protected]>; Sagebien, Alex <[email protected]>; Webster, Tony <[email protected]>; Cauley, Jess <[email protected]> Cc: Blumenshine, Nate (SBI) <[email protected]>; Laetitia Pirson <[email protected]>; O'Brien, Maureen <[email protected]>; Henry, Eric <[email protected]>; Mule, John (SBI) <[email protected]>; Andrew Logan <[email protected]> Subject: VPIC Proposal ‐ Hess Corp. Dear Barry, Please find attached a response from Treasurer Pearce outlining a conditional withdrawal of the VPIC shareholder resolution. Please notify the Treasurer’s Office by email [email protected] to confirm receipt of this letter. We expect Hess will notify the SEC to withdraw the no action letter. We appreciate the Company’s willingness to engage with us on this important issue and we would like to arrange a call with you to continue this dialogue. Could you please provide a few times in the coming weeks? Sincerely, Katie Green Deputy Chief Investment Officer Vermont State Treasurer's Office 109 State Street - 4th Floor Montpelier, VT 05609-6200 (c) 802-249-3335 (f) 802-828-2772 [email protected] ELIZABETH A. PEARCE UNCLAIMED PROPERTY DIVISION STATE TREASURER TEL: (802) 828-2407 RETIREMENT DIVISION ACCOUNTING DIVISION TEL: (802) 828-2305 TEL: (802) 828-2301 FAX: (802) 828-5182 FAX: (802) 828-2884 STATE OF VERMONT OFFICE OF THE STATE TREASURER March 8, 2021 Via email: [email protected]; [email protected]; [email protected]; [email protected]; [email protected] Hess Corporation 1185 Avenue of the Americas New York, NY 10036 RE: Vermont Pension Investment Committee Shareholder Proposal Dear Barry, In my capacity as Treasurer of the State of Vermont, on behalf of the Vermont Pension Investment Committee (“VPIC”), I write to give notice that the Fund is withdrawing its s hareholder proposal that it had intended to present at the 2021 annual meeting of shareholders (the “Annual Meeting”) conditioned upon the Compensation and Management Development Committee of the Board of Directors’ approved inclusion of a Bakken flare target incorporated into the annual incentive targets under the Company’s Annual incentive plan for all the Company’s full-time employees worldwide as copied from your email of March 4, 2021: “We are pleased to let you and your colleagues know that our Board of Directors adopted a Bakken flaring reduction metric as part of our 2021 annual incentive plan, further tying executive compensation to our company’s EHS and climate change goals. The target for this metric is substantially lower than the flaring rate permitted by North Dakota regulations and is in addition to the aggressive 2025 greenhouse gas and methane emissions reduction targets we discussed on our call several weeks ago. The Form 8-K can be found here: https://www.sec.gov/ix?doc=/Archives/edgar/data/4447/000119312521069571/d140935d 8k.htm Hess has had a longstanding commitment to sustainability, which is an integral part of our operations and fundamental to our long-term strategy. As you acknowledged on our call, Hess has a strong track record of setting aggressive climate targets and achieving reductions in greenhouse gas emissions and flaring intensity. We expect to provide additional details about our updated climate change strategy and targets, and our plans for achieving those goals, in our 2020 Sustainability Report later this year.” The VPIC appreciates the steps the Company is taking on this important issue. Sincerely, Elizabeth A. Pearce Vermont State Treasurer 109 STATE STREET • MONTPELIER, VERMONT 05609-6200 TREASURER: (802) 828-1452 • TOLL-FREE (in VT only): 1-800-642-3191 www.vermonttreasurer.gov February 8, 2021 VIA E-MAIL ([email protected]) Office of Chief Counsel Division of Corporation Finance Securities and Exchange Commission 100 F Street, NE Washington, D.C. 20549 Re: Hess Corporation Omission of Shareholder Proposal Submitted by The Vermont Pension Investment Committee and the Minnesota State Board of Investment Securities Exchange Act of 1934 – Rule 14a-8 On behalf of our client, Hess Corporation, a Delaware Corporation (the “Company”), we are writing this letter to inform you that the Company intends to omit from its proxy statement and form of proxy for its 2021 Annual Meeting of Shareholders (collectively, the “2021 Proxy Materials”) a shareholder proposal and related supporting statement (together, the “Proposal”) received from the Vermont Pension Investment Committee, and the Minnesota State Board of Investment, as proponents (the “Proponents”), for inclusion in the 2021 Proxy Materials. Pursuant to Staff Legal Bulletin No. 14D (Nov. 7, 2008) (“SLB 14D”), we are submitting this letter and its attachments to the Staff of the Division of Corporation Finance (the “Staff”) via e-mail at [email protected] and the undersigned has included his name and telephone number both in this letter and the cover email accompanying this letter. In accordance with Rule 14a-8(j) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), we are submitting this letter to the U.S. Securities and Exchange Commission (the “Commission”) no later than eighty (80) calendar days before the Company intends to file its definitive 2021 Proxy Materials, and a copy of this submission is being sent simultaneously to the Proponents, as notification of the Company’s intention to omit the Proposal from its 2021 Proxy Materials. We hereby request confirmation from the Staff that it will not recommend any enforcement action if the Company omits the Proposal in reliance on Rule 14a-8 from the 2021 Proxy Materials. This letter includes the Company’s statement of the reasons it deems the omission of the Proposal to be proper. We take this opportunity to inform the Proponents that if they elect to submit additional correspondence to the Commission or the Staff with respect to the Proposal, a copy of that correspondence should be furnished concurrently to the undersigned on behalf of the Company in accordance with Rule 14a-8(k) and SLB 14D. THE PROPOSAL The Proposal states: Resolved, shareholders request that the Board report on if, and how, Hess will curtail its impact on climate change from routine flaring and venting, beyond existing efforts. The report should be February 8, 2021 made available to shareholders, omit proprietary information and be prepared at reasonable cost by November 15th, 2021. A copy of the Proposal and related correspondence is attached to this letter as Exhibit A. BASES FOR EXCLUSION We hereby respectfully request that the Staff concur with our view that the Proposal may be excluded from the 2021 Proxy Materials pursuant to: Rule 14a-8(i)(10) because the Company has substantially implemented the Proposal; and Rule 14a-8(i)(7) because the Proposal deals with matters relating to the Company’s ordinary business operations. ANALYSIS I. The Proposal May Be Excluded Under Rule 14a-8(i)(10) Because The Company Has Substantially Implemented The Proposal. A. Introduction We believe the Company has substantially implemented the Proposal via its existing public disclosures. We respectfully request that the Staff concur with our view that the Proposal may be excluded pursuant to Rule 14a-8(i)(10).
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