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ExxonMobil faces activist resolution

May 2001

ExxonMobil has been told it must allow its shareholders to vote on a resolution at its annual meeting this month that calls on its directors to consider social and environmental performance when determining pay for its executives.

The US oil company tried to have the resolution disallowed on its annual meeting agenda for 30 May, but was told to accept it by the US Securities and Exchange Commission.

Institutional investors affiliated to the Tri-State Coalition for Responsible Investment and the Interfaith Center on Corporate Responsibility put forward the resolution.

A second resolution to the annual meeting calls on the company to adopt a policy to promote renewable energy.

ExxonMobil is being challenged by several non-governmental organizations trying to force it to take greater account of climate change in its business practices. Campaign ExxonMobil, which was founded by US religious investors, last month released three briefings for shareholders on Exxon and global warming issues.




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