Exxon Mobil Corp shareholders soundly rejected climate-related proposals and splitting the chairman and chief executive's roles at the oil major's shareholder meeting on Wednesday.
- Exxon Mobil Corp shareholders soundly rejected climate-related proposals and splitting the chairman and chief executive’s roles at the oil major’s shareholder meeting on Wednesday.
Climate activists had swung behind efforts to split the roles of chief executive and chairman after prior defeats on climate reports. This year’s vote on an independent chair collected 32.7% of the vote, down from nearly 41% last year.Influential proxy advisor Institutional Shareholder Services this year recommended a vote against the independent chairman resolution.
Exxon had taken steps to bolster its defenses against the measure by granting its lead director increased authority to pre-review board agendas and to meet with top shareholders. The proposal last year received nearly 41% of the vote, up from 38.7% in 2018. Other shareholder proposals that failed included calls for the company to increase its reporting of lobbying, political contributions and petrochemical risks, and to make it easier for shareholders to call special meetings.
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