Exxon to Shareholders: Just Say No

In advance of its annual meeting and apparently spurred by media coverage, Exxon Mobil is stepping up its campaign to shareholders urging them to vote no on resolutions that would give them a say on pay and split the role of the chairman and chief executive.  

Exxon Mobile this week sent a new round of emails to its shareholders urging them to oppose an independent chairman. Rex Tillerson currently holds both the CEO and chairman positions.

However, the decision to split the chairman and CEO position is not the only issue Exxon is lobbying shareholders to reject. The oil company has also asked shareholders to vote against a proposal which gives investors more input on how much the top management is paid.

Exxon says that the email was sent out in response to the media articles, according to The Wall Street Journal. In making its case in its annual proxy statement, Exxon said it believes there is "no one-size-fits-all model of corporate governance"  and its board believes it is in the company's best interest for Tillerson to continue serving as both chairman and CEO.