Exxon Shareholders Defeat Activist Plans
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Exxon Mobil Corp. shareholders defeated a raft of activist proposals in the latest in a series of contentious annual meetings at the oil giant. Activists from religious, environmental and gay rights groups vowed to return after getting enough votes to keep key shareholder proposals on the table at next year’s meeting.
Eight resolutions were opposed by management and defeated in voting. They included the renewable energy proposal, one linking executive pay to social and environmental performance and a demand for a report on potential environmental damage if Alaska’s Arctic National Wildlife Refuge is opened for drilling. Each of those proposals received the votes of more than 6% of shareholders, allowing them to be resubmitted next year.
The only proposal to receive at least 10% of the votes would put the company on record opposing discrimination against gays and lesbians.
Exxon also said it would split its stock 2-for-1 and boost its second-quarter cash dividend by 2 cents a share.
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