International Investors Announce Support for Independent Chairman at ExxonMobil Corporation
19 Mai 2008 - 1:30PM
PR Newswire (US)
Four of Europe's Largest Investors Announce Support for Separation
of Chairman and CEO Roles at ExxonMobil; UK's PIRC is Fourth Major
Proxy Advisory Firm to Support Proxy Item 5. LONDON, May 19
/PRNewswire/ -- In an unprecedented step, a significant group of
Europe's largest institutional investors are announcing publicly
today that they support Proxy Item 5 at the Exxon Mobil Corporation
(NYSE:XOM) calling for an independent chairman of the board at one
of the world's largest companies. The shareowner vote to separate
the Chief Executive and Board Chairman positions at ExxonMobil will
take place at the company's annual meeting on May 28, 2008 in
Dallas, Texas (U.S.). The list of institutional investors joining
together today to disclose their support for an independent
chairman at ExxonMobil include: F&C Asset Management (F&C),
London; Co-operative Insurance Society (CIS), Manchester, UK;
Morley Fund Management, London; and West Midlands Pension Fund,
Wolverhampton, UK. In addition to the announcement of European
investor support, the well-known UK proxy advisory firm PIRC Ltd.
has recommended that its clients support Item 5 on ExxonMobil's
proxy. PIRC Ltd. is based in London and provides research and proxy
voting advisory services to a global institutional clientele.
Karina Litvack, director of Governance & Sustainable Investment
at F&C Asset Management, said, "ExxonMobil has built a
flawlessly efficient global operation that is the envy of its
peers, which it achieves through unmatched discipline and unity of
purpose. But what works brilliantly in the field can spell trouble
in the boardroom, where debate and openness to external challenge
are vital. Despite top-notch individual directors, the company's
record over the last decade, particularly regarding climate change,
demonstrates that debate has been lacking. By bringing in an
independent chairman, the company can better leverage that
creativity and challenge, and avoid over-dominance by management.
Over our eight-year dialogue, ExxonMobil management has opened its
doors to challenging views - now it's time for its board to do the
same." Anita Skipper, head of corporate governance at Morley Fund
Management, said, "Exxon has a track record of generating good
returns to shareholders. However, we believe that the returns would
be more sustainable under a governance structure which separated
the roles of Chairman and Chief Executive. This is why we are
supporting Proxy Item 5." Pat Wade, Corporate Governance Manager at
Co-operative Insurance Society, noted, "Our 'customer driven'
Ethical Engagement Policy implements our responsible shareholding
approach through which we want to maximise and protect the value of
our customers' long term investments. We consider that a fettered
leadership of the board of Exxon, and the absence of an effective
programme of shareholder communications, may expose shareowners'
interests to unnecessary social, environmental and governance
risks." The international investors are only the latest voices to
be added to those calling for an independent chairman at
ExxonMobil. Four leading global proxy advisory firms- PIRC Ltd.,
RiskMetrics Group, Glass Lewis, and Proxy Governance, Inc. -- have
each recommended investor clients support Proxy Item 5 on the
ballot at the ExxonMobil annual meeting. Their voting analyses and
recommendations are relied upon by pension funds, mutual funds and
fiduciaries throughout the world. Robert A.G. Monks, a global
leader in the International Corporate Governance Network, and
resolution proponent, commenting on the significance of the joint
announcement by institutional investors from Europe said, "I join
other ExxonMobil investors in the United States who are encouraged
by the institutions who are speaking out today in favor of Proxy
Item 5, calling for an independent chairman at ExxonMobil. Exxon
would do well to heed the growing chorus of international voices in
favor of an independent chairman of the board at the company." With
more than three million customers, F&C Asset Management manages
over 100 billion pounds Sterling. The West Midlands Pension Fund
has over 4.7 billion pounds under management. The Co-operative
Insurance, formally Co- operative Insurance Society Ltd., is a
large insurance company with revenues of 3.5 billion pounds, and is
one of the two main constituents of Co-operative Financial
Services. Morley Fund Management is one of the biggest active asset
managers in the UK and the third largest asset manager overall.
Considerable investor interest in the independent chairman proposal
at ExxonMobil has mounted in the wake of several news conferences
in April, featuring members of the Rockefeller Family, Robert A.G.
Monks, California Controller John Chiang, Connecticut Treasurer
Denise Nappier, and Maryland Treasurer Nancy Kopp. US proponents of
Proxy Item 5 have retained Okapi Partners LLC for advice in
communicating with shareholders about the proxy campaign.
Shareholders inside or outside the U.S. seeking information about
voting their shares at the ExxonMobil meeting should contact Okapi
Partners toll-free at +1 877 259 6290. Investors seeking updates on
Proxy Item 5 can also visit http://www.exxonforowners.com/ for more
information. DATASOURCE: PIRC Ltd., London; F&C Asset
Management (F&C), London; Co-operative CONTACT: Media, Patrick
Mitchell, +1-703-276-3266, ; or Investors, Bruce H. Goldfarb,
Steven C. Balet, and Patrick J. McHugh, Okapi Partners LLC,
+1-877-259-6290 (toll free) or +1- 212-297-0720, Web site:
http://www.exxonforowners.com/
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