Exxon Shareholders Back Chief and Chair

Exxon Mobil Chairman and CEO Rex Tillerson will retain both titles after shareholders declined to back a proposal initiated by some members of the Rockefeller family to require the roles to be split in two. The measure garnered the support of nearly 40 percent of shareholders, despite a very public outcry by the descendants of John D. Rockefeller, founder of Standard Oil, an Exxon Mobil predecessor, according to a report by the Associated Press.

After the vote, Tillerson told reporters, "It just reemphasizes to me the importance of our continuing efforts to communicate better with shareholders and with the public and with policymakers," he said, according to the AP report.

None of the other 17 shareholder proposals received enough votes to pass, including a number of environmental proposals such as an initiative to reduce greenhouse gases and one to report on the effects of climate change. Another proposals that failed called for more shareholder input on executive compensation. Exxon's board had opposed all of the proposals.

During the meeting, some shareholder expressed frustration with Exxon's policies to reduce greenhouse gases and global warming. According the AP, Peter O'Neill, great-great grandson of John D. Rockefeller said that he was pleased with the performance of the company. However, he added, "It's crucial for every company to ask, 'Is it doing all it can to prepare for the future?'"

READ DIRECTORSHIP'S BLOG POST ON THE EXXON PROXY VOTES