May 29, 2019
(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 proposal from its proxy ballot, but it won just 41 percent of the vote at the company’s annual meeting in Dallas, Texas, on Wednesday.
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 proposals that would have made it easier for shareholders to call special meetings; 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.
Exxon under Woods has moved aggressively to launch major expansion programs to find and produce new reserves of oil and natural gas, as well as 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.
(Reporting by Jennifer Hiller; Editing by Nick Zieminski)