Exxon Mobil’s board announced changes to its corporate governance guidelines to enhance the role of presiding director.
Under the changes, a presiding director is selected by non-employee directors from among their members and would generally be expected to serve a minimum term of two years, according to a MarketWatch report.
“The board recognizes that corporate governance is of broad interest and has received input from a wide array of shareholders through the company’s ongoing engagement and dialogue efforts,” said Exxon CEO Tex W. Tillerson in a statement.
The presiding director has the authority to call and chair executive sessions of non-employee directors and chair all board meetings in the absence of the chairman. The presiding director will also review board meeting topics, agendas, and schedules with the chairman prior to distribution to the board, which currently is comprised of one employee and 10 non-employee members.