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Contact: Tom Cirigliano
ExxonMobil
972-444-1109
FOR IMMEDIATE RELEASE
TUESDAY, MAY 28, 2002
EXXONMOBIL SEES INCREASED VOTES FOR SHAREHOLDER PROPOSALS
IRVING, TX, May 28 -- Votes for shareholder proposals regarding renewable
fuels and amendments to ExxonMobil's EEO policy are likely to show an
increase over last year due in part to recommendations by Institutional
Shareholder Services (ISS) to its clients, particularly large institutional
shareholders, ExxonMobil's Vice President for Investor Relations Pat Mulva
said today.
"Based on shareholder vote returns at other companies, the ISS
recommendations seem to influence a significant number of votes of large
blocks of stock by institutional investors who utilize ISS for research on
proxy issues," Mulva said. "We're also seeing a trend at many companies of
increasing votes for shareholder proposals. Some people are attributing this
to a general drop in investor confidence, and to current market and economic
conditions," he said. "Let me add that ExxonMobil has a history of strong
corporate governance and a very straightforward approach to ethics and
business controls.
"I can't predict the final outcome for this year's voting, but based on
proxies received through last week the EEO proposal and the renewable fuels
proposal are both garnering close to 25 percent of the votes cast. This is
not surprising to us, especially when you consider the influence ISS seems to
have on certain institutional investment groups," Mulva said. He noted that
it was the company's experience that a few institutional investors rely
almost totally on the ISS analysis and recommendations in the way they vote
on individual proposals.
- 2 -
The shareholder proposals on renewables and EEO policy are repeat
proposals that have appeared in ExxonMobil's proxy statements in
substantially the same form before. In both 2000 and 2001, ISS supported
ExxonMobil's board in recommending a vote against the proposals. Of the
votes cast at last year's meeting, more than 91 percent were cast against the
renewables proposal and more than 87 percent were cast against the EEO
proposal.
"It is not clear to us why ISS has changed their recommendation on these
repeat proposals this year. However, I can assure you that from ExxonMobil's
perspective nothing has changed that would warrant a change in vote," Mulva
said.
He added, "With respect to the renewables proposal, the company continues
to be actively engaged in these issues; to develop new, better, and cleaner
products and technologies; to improve the environmental performance of its
operations; and to keep its shareholders and others informed of its views and
actions.
"With respect to the EEO proposal, ExxonMobil continues to believe that
it has already adequately addressed the proponent's concerns. ExxonMobil has
written policies, communication and training programs, as well as
investigative and stewardship procedures to ensure that any and all forms of
discrimination or harassment, including that based on sexual orientation, are
prohibited in any of its workplaces in the nearly 200 countries in which it
operates around the world."
ISS also recommended a vote in favor of a poison pill proposal, which is
a new issue for ExxonMobil this year. "We understand that a number of
investors have voting guidelines under which they generally support these
kinds of proposals," said Mulva. Mulva noted that ExxonMobil has no poison
pill, has no plans to adopt one and believes it to be unlikely that the board
would ever be called upon to consider adopting a pill.
These proposals are among other items of business to be decided May 29 at
ExxonMobil's annual meeting in Dallas, Texas.