Select Shareholders Withdraw Current Support Over Re-election Of Exxon Directors
Exxon Mobil Corporation (XOM) explores for and produces crude oil and natural gas in the United States, Canada/South America, Europe, Africa, Asia, and Australia/Oceania. It also manufactures and markets commodity petrochemicals, including olefins, aromatics, polyethylene, and polypropylene plastics, and specialty products; and transports and sells crude oil, natural gas, and petroleum products.
Per recent reports, two of Exxon Mobil Corp major shareholders showed their unwillingness to support the re-election of all ExxonMobil directors due to the lack of response by the company on climate change in its annual meeting. Other entities i.e. The Church Commissioners for England (CCE), the endowment fund of the Church of England, and New York State Comptroller Thomas DiNapoli also advised the other shareholders to withdraw support and vote for an independent chairman. These shareholders currently feel the company has failed to take appropriate measures to set emission targets in accordance to the greenhouse gas reduction goals laid by the Paris climate agreement, leading to a serious corporate failure on the company’s part.