DALLAS (Reuters) – Exxon Mobil Corp shareholders on Wednesday rejected a proposal that would have split the roles of the chief executive and board chairman at the largest publicly-traded oil producer.
Some shareholders had rallied behind that proposal after Exxon was allowed by the U.S. Securities and Exchange Commission to remove a climate change measure from its proxy ballot. The proposal won 41% of the vote at the company’s annual meeting in Dallas, Texas, on Wednesday.
Proposal - Effect - Chief - Executive - Darren
The proposal would not have taken effect under Chief Executive Darren Woods, but would have been phased in for future CEOs.
Shareholders also voted against a proposal that would have made it easier for shareholders to call special meetings, though that won 42% of the vote – the most successful shareholder proposal on the proxy. Measures that urged the board to create a special committee on climate change; report the risks of climate change at its U.S. Gulf Coast chemical plants; and report its political contributions and lobbying were also defeated.
Shareholders - Slate - Nominees - Company - Board
Shareholders approved a full slate of 10 nominees to the company’s board of directors.
Exxon under Woods has launched major expansion programs to find and produce new reserves of oil and natural gas, as well as to expand the company’s refining and chemical footprint. It has projected shale production of 1 million barrels per day in the Permian Basin, the top U.S. shale field, as early as 2024.
Shareholders - Years - Exxon - Path - Goals
Shareholders in recent years have pressed Exxon to define a path toward meeting the goals of the 2015 Paris climate agreement to limit global warming, but the company has so far not committed to any targets.
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