Proponents Announce Investor Road Show for Independent Chairman Resolution at ExxonMobil
09 Mai 2008 - 1:30PM
PR Newswire (US)
Effort Seeks Widest Possible Support For Shareholder Proposal (Item
#5) to Separate Chairman and CEO Positions on ExxonMobil Proxy;
Okapi Partners Retained to Advise on Communications With
Shareholders, Proxy Advisory Services. NEW YORK, May 9 /PRNewswire/
-- The filers of a shareholder proposal (proxy Item #5), at Exxon
Mobil Corporation (NYSE:XOM) - including descendents of John D.
Rockefeller - commenced an investor road show to make their case to
both institutional investors and proxy voting advisory services.
Information is available on the Web at
http://www.exxonforowners.com/ . The initiative, known as "Exxon
For Owners," leads up to the May 28, 2008 ExxonMobil annual meeting
in Dallas. Considerable investor interest in this ExxonMobil
shareholder proposal, Item #5 in the ExxonMobil proxy statement,
has mounted in the wake of the related April 30, 2008 news
conference featuring members of the Rockefeller Family and the
earlier April 23, 2008 news conference featuring shareholder
advocate Robert A.G. Monks. The news conferences also featured
strong expressions of support for the independent chairman
resolution from California Controller John Chiang, Connecticut
Treasurer Denise Nappier, and Maryland Treasurer Nancy Kopp.
Proposal supporter Neva Rockefeller Goodwin said: "A number of
institutional investors and fund companies have voting policies
stating that they will vote against proposals to separate the
Chairman and CEO positions. On this road show, we are trying to
convince these investors that they should perform their voting
analysis on a case-by-case basis. We see three reasons warranting
their attention in the case of ExxonMobil. ExxonMobil does not even
have a permanent lead independent director, a practice that is
considered good corporate governance in the absence of a separate
chairman and CEO. And ExxonMobil is the largest U.S. company, with
a capitalization of close to $500 billion dollars. We believe this
is one of those cases where it is almost inconceivable that one
person would have both jobs and be able to perform effectively in
each of them. This is an industry that is changing rapidly." The
proponents plan to meet with top institutional investors over the
next two weeks, as well as representatives of several proxy
advisory firms. The proponents have retained Okapi Partners LLC,
specialists in proxy solicitation and strategic investor response
campaigns, for advice in communicating with shareholders about the
proxy campaign. Shareholders seeking information about voting their
shares at the ExxonMobil meeting should contact Okapi Partners
toll-free at +1 877 259 6290. DATASOURCE: Neva Rockefeller Goodwin
CONTACT: Investors, Bruce H. Goldfarb, Steven C. Balet, or Patrick
J. McHugh, all of Okapi Partners LLC, +1-877-259-6290 (toll free),
or +1-212-297-0720, ; or Media, Patrick Mitchell, +1-703-276-3266,
Web Site: http://www.exxonforowners.com/
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