Pressure is beginning to grow on Exxon Mobil (NYSE: XOM), as more shareholders demand that the company change its governance structure.
Four U.K.-based investors and a British proxy advisory firm joined a group of shareholders calling for an independent chairman at ExxonMobil, according to The Guardian, which reports that "Exxon is facing a rebellion from its investors over its hardline approach to global warming. The firm has refused to follow rival oil companies in committinglarge-scale capital investment to environmentally friendly technologysuch as wind and solar power."
F&C Asset Management, Co-operative Insurance Society, Morley Fund Management, and West Midlands Pension Fund, as well as London-based proxy advisory firm PIRC Ltd., are supporting the proposal, which is already backed by RiskMetrics Group, Glass Lewis and Proxy Governance Inc.
Earlier this month, descendants of John D. Rockefeller said Exxon Mobil is too focused on short-term gains and and that they are sponsoring a shareholder resolution to split the chairman and CEO roles between two people. Rockefeller was the founder of Exxon Mobil’s predecessor, Standard Oil Corp.
Shareholders are expected to vote on the proposal at Exxon Mobil’s annual meeting on May 28.
The company’s board supports keeping Rex Tillerson as both CEO and Chairman.
Today rival oil company BP (NYSE: BP) released its sustainability report, in which it highlights plans to increase U.S. wind-power capacity to 1000 megawatts by the end of 2008. In 2006 the company had only 32 MW.
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