CtW Investment Group Urges Exxon Shareholders to Support Independent Chair Proposal
20 Mai 2008 - 11:37PM
PR Newswire (US)
WASHINGTON, May 20 /PRNewswire/ -- Today, Michael Garland, CtW
Investment Group's Director of Value Strategies, released the
following statement in support of a shareholder proposal to name an
Independent chair at Exxon Mobil (NYSE:XOM). "An independent board
chair is essential to keep management focused on the long-term
interests of the corporation and its shareholders. This reform is
particularly needed at Exxon Mobil given its unresponsive board and
the unprecedented strategic challenges the company currently faces.
"Most significantly, Exxon Mobil has yet to face up to its need to
develop renewable energy programs that address global market
changes related to climate change. The fact that management will
not even allow independent directors to discuss these concerns with
shareholders is symptomatic of a captive board dominated by the
CEO. "An independent board chair will help restore adequate checks
and balances between the board and management, and provide the
board with the independent leadership needed to ensure a
forward-looking, successful business strategy. We are pleased to
add our name to the growing list of global investors and advisors
publicly supporting the independent chair proposal at Exxon Mobil's
May 28, 2008 shareholder meeting." The CtW Investment Group works
with pension funds sponsored by unions affiliated with Change to
Win, a federation of unions representing nearly 6 million members,
to enhance long-term shareholder value through active ownership.
These funds have over $200 billion in assets and are substantial
long-term Exxon Mobil shareholders. For further information, visit
http://www.ctwinvestmentgroup.com/. DATASOURCE: Change to Win
CONTACT: Michael Garland of Change to Win, +1-212-471-1317 Web
Site: http://www.ctwinvestmentgroup.com/
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