NY State Pension Fund Asks Exxon Mobil to Separate Chair and CEO Posts
By Stephen Nakrosis
New York State Comptroller Thomas P. DiNapoli on Thursday said he was supporting shareholder proposals calling on Exxon Mobil Corp. (XOM) to separate the board chairman and the chief executive positions.
In a filing with the Securities and Exchange Commission, Mr. DiNapoli said he made the request on behalf of the N.Y. State Common Retirement Fund and Edward Mason, Head of Responsible Investment at Church Commissioners for England.
The shareholder resolution, which was filed by the Kestrel Foundation, would require Exxon's board chairman be an independent member of the board. If adopted, it would be phased in for the next CEO transition, according to the filing.
The two institutional investors also said they intend to vote against all Exxon Mobil board directors at the company's annual meeting, which will take place May 29 in Dallas.
The two institutional investors also said they will vote in favor of a proposal asking the energy company to create a "climate committee," which will evaluate Exxon Mobil's "strategic vision and responses to climate change." The two also plan to vote in favor of a proposal that would see the company disclose its spending on lobbying efforts.
A spokesperson from Exxon Mobil didn't immediately reply to a request for comment.
--Write to Stephen Nakrosis at firstname.lastname@example.org
(END) Dow Jones Newswires
May 09, 2019 14:11 ET (18:11 GMT)Copyright (c) 2019 Dow Jones & Company, Inc.