ExxonMobil Announces Preliminary Results in Election of Directors
ExxonMobil reported preliminary vote results from its annual meeting, indicating that shareholders have elected eight of its nominees and two from Engine No. 1. Five nominees are still pending results. Chairman Darren Woods highlighted positive shareholder engagement, particularly regarding low-carbon initiatives and cost reduction efforts. The board will also reconsider two approved shareholder proposals on lobbying and climate lobbying. These preliminary results remain subject to certification by the Independent Inspector of Elections.
- Eight ExxonMobil nominees elected to the board.
- Positive feedback from shareholders on low-carbon solutions.
- Significant reductions in emissions aligned with the Paris Agreement.
- Five director nominees' results are too close to call, indicating potential board instability.
ExxonMobil said today that based on preliminary vote estimates by its proxy solicitor, shareholders have elected eight of ExxonMobil nominees to the board of directors and two of Engine No. 1 nominees. Vote results for five nominees were too close to call.
“We welcome all of our new directors and look forward to working with them constructively and collectively on behalf of all shareholders,” said Darren Woods, chairman and chief executive officer.
“We’ve been actively engaging with shareholders and received positive feedback and support, particularly for our announcements relating to low-carbon solutions and progress in efforts to reduce costs and improve earnings. We heard from shareholders today about their desire to further these efforts, and we are well positioned to respond.”
ExxonMobil has developed a portfolio of investment opportunities in high-return, low cost-of-supply projects. The company has also significantly reduced emissions and set clear plans for further reductions to 2025, consistent with the goals of the Paris Agreement.
Re-elected ExxonMobil directors were Woods, Michael Angelakis, Susan Avery, Angela Braly, Ursula Burns, Kenneth Frazier, Joseph Hooley and Jeffrey Ubben. Elected from Engine No. 1’s nominees were Gregory Goff and Kaisa Hietala.
The outcome was not yet determined for ExxonMobil director candidates Steven Kandarian, Douglas Oberhelman, Samuel Palmisano and Wan Zulkiflee, and for Engine No. 1 candidate Alexander Karsner. A fourth Engine No. 1 candidate, Anders Runevad, was not elected.
The board will reconsider two shareholder proposals that received majority shareholder approval, which include Item No. 9, calling for a report on lobbying, and Item No. 10, requesting a report on climate lobbying.
The preliminary vote count is subject to certification by the Independent Inspector of Elections. Additional information regarding the results of the 2021 Annual Meeting of Shareholders will be available in a current report on Form 8-K filed with the Securities and Exchange Commission and on ExxonMobil’s investor website https://corporate.exxonmobil.com/Investors/Investor-relations.
About ExxonMobil
ExxonMobil, one of the largest publicly traded international energy companies, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is one of the largest refiners and marketers of petroleum products, and its chemical company is one of the largest in the world. To learn more, visit exxonmobil.com and the Energy Factor.
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Cautionary Statement
The estimated preliminary vote results set forth in this press release are forward-looking statements. These estimates have been prepared by our proxy solicitor based on their work performed in connection with the annual meeting. These results are preliminary estimates only and are subject to change based on the certification of the voting results by the independent inspector of elections.
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