ExxonMobil AGM vote sends ‘warning shot’ to management – Edward Mason

29/05/2019

The Church Commissioners for England played a leading role in a shareholder rebellion at the Annual General Meeting of ExxonMobil.

Edward Mason, Head of Responsible Investment for the Church Commissioners for England, presented two shareholder proposals - for an independent chairman and a board matrix - at the ExxonMobil AGM in Dallas.

Overall 40.8 per cent of shareholders supported the proposal on the separation of the positions of Chair and CEO and 29.8 per cent backed calls for a board matrix.

Speaking after the vote, Edward Mason said: “This has been a very difficult AGM for Exxon and a warning shot to management.

“The result of Exxon refusing to put our shareholder proposal to the vote is that investors have simply expressed their frustration at Exxon’s governance on other ballot items.

“Today’s increased support for the separation of chair and chief executive, in the face of board opposition, is a measure of investors’ profound dissatisfaction.

“We now expect the company immediately to institute the intensive, meaningful engagement on climate strategy with Climate Action 100+ investors that it has delayed for too long.”

Read his comments to the meeting in full