Published:
Proponents Announce Investor Road Show for Independent Chairman Resolution at ExxonMobil
NEW YORK, May 9 /PRNewswire/ -- The filers of a shareholder proposal
(proxy Item #5), at Exxon Mobil Corporation (NYSE: XOM) - including
descendents of John D. Rockefeller - commenced an investor road show to make
their case to both institutional investors and proxy voting advisory services.
Information is available on the Web at http://www.exxonforowners.com .
The initiative, known as "Exxon For Owners," leads up to the May 28, 2008
ExxonMobil annual meeting inDallas.
Considerable investor interest in this ExxonMobil shareholder proposal,
Item #5 in the ExxonMobil proxy statement, has mounted in the wake of the
related April 30, 2008 news conference featuring members of the Rockefeller
Family and the earlier April 23, 2008 news conference featuring shareholder
advocate Robert A.G. Monks. The news conferences also featured strong
expressions of support for the independent chairman resolution from California
Controller John Chiang, Connecticut Treasurer Denise Nappier, and Maryland
Treasurer Nancy Kopp.
Proposal supporter Neva Rockefeller Goodwin said: "A number of
institutional investors and fund companies have voting policies stating that
they will vote against proposals to separate the Chairman and CEO positions.
On this road show, we are trying to convince these investors that they should
perform their voting analysis on a case-by-case basis. We see three reasons
warranting their attention in the case of ExxonMobil. ExxonMobil does not
even have a permanent lead independent director, a practice that is considered
good corporate governance in the absence of a separate chairman and CEO. And
ExxonMobil is the largest U.S. company, with a capitalization of close to $500
billion dollars. We believe this is one of those cases where it is almost
inconceivable that one person would have both jobs and be able to perform
effectively in each of them. This is an industry that is changing rapidly."
The proponents plan to meet with top institutional investors over the next
two weeks, as well as representatives of several proxy advisory firms.
The proponents have retained Okapi Partners LLC, specialists in proxy
solicitation and strategic investor response campaigns, for advice in
communicating with shareholders about the proxy campaign. Shareholders
seeking information about voting their shares at the ExxonMobil meeting should
contact Okapi Partners toll-free at +1 877 259 6290.
SOURCE Neva Rockefeller Goodwin
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