Announcement from the NY City Comptroller:
Today, ExxonMobil announced that it will amend its bylaws to adopt proxy access – a cornerstone of Comptroller Scott M. Stringer and the New York City Pension Funds’ strategy to make corporate boards more diverse, independent, and accountable. Proxy access achieves these goals by giving large, long-term shareholders the ability to nominate some of the board’s directors on the company ballot.
The change announced today at ExxonMobil comes in response to a proposal filed by Comptroller Stringer on behalf of the New York City Pension Funds, which received an unprecedented 62% support. The proposal was part of the “Boardroom Accountability Project,” a national campaign launched by Comptroller Stringer to enact proxy access across the marketplace. When the initiative began in 2014, only six companies had meaningful proxy access. Today, it exists among more than 280 companies.
New York City Comptroller Scott M. Stringer released the following statement on Exxon’s decision: “By enacting proxy access and giving investors a meaningful voice in board elections, Exxon has taken a significant step to empower shareowners. With the historic Paris Agreement taking effect this week, it’s more important than ever that Exxon – and every energy firm – have a diverse, independent, and climate-competent board. As these companies navigate the transition to a low-carbon economy, proxy access gives investors a critical tool to hold directors accountable.”