Exxon and on
Another year, another boisterous annual meeting of Exxon. The US oil giant is again facing a showdown with investors. A total of 17 shareholder resolutions have been filed, addressing both corporate governance and responsibility issues. The company is facing seven proposals purely on environmental issues.
Given recent developments in the UK, it is also worth noting that the separation of powers at the head of the company is also a hot issue at Exxon. A group of investors, including the veteran governance activist Bob Monks have filed the following resolution.
“That the shareholders urge the Board of Directors to take the necessary steps to amend the by-laws to require that, whenever possible and subject to any presently existing contractual obligations of the Company, an independent director shall serve as Chairman of the Board of Directors, and that the Chairman of the Board of Directors shall not concurrently serve as the Chief Executive Officer.”
Last year we had no reservations about supporting a similar resolution, and we are equally supportive this year.
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