For what is believed to be the first time, Exxon Mobil shareholders have gone against directors objections and adopted a resolution. Exxon officials think it might be out of anger related to the board's decision to award outgoing CEO Lee Raymond a final-year pay package of $69.4 million as well as a retirement lump sum of $98.4 million. Ya think!?
Well if the shareholders weren't happy about the outgoing CEO at least they seemed to like the performance of the new CEO, Rex Tillerson, at the company's annual meeting yesterday. He had this to say about the nonbinding resolution which passed with 52.2 percent of shares voting:
"I think there's some unhappiness about the way [Raymond's] compensation was handled, and I think that's what we were seeing"
In a further sign of shareholder discontent, four members of the board's compensation committee received 79.4 percent to 82 percent of the shares voted, after proxy advisory firm Institutional Shareholder Services urged stockholders to withhold their votes to protest the Raymond package. State treasurers in Connecticut and North Carolina said they would withhold their votes. Other directors received no less than 94 percent of shares voted. Read this WashingtonPost article to learn more.
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