Rockefellers Renew Call for Independence

Does ExxonMobil need an independent chair?

That’s the crux of proxy item number five on its shareholder ballot to be voted at its annual meeting next month and the thrust of some of the current criticism lodged against the oil company’s board by descendants of John D. Rockefeller Jr., the founder of Exxon and Mobil progenitor, Standard Oil.

Writing a commentary in the Financial Times this morning, Rockefeller’s great-great-grandson, Peter O’Neill, and great-granddaughter, Neva Rockefeller Goodwin, argue in favor of a yes vote.

To make their case, O’Neill and Goodwin write on behalf of “70 other Rockefeller family members” arguing that “the role of the board is to provide independent oversight of the chief executive and the management team. Under the leadership of an independent chairman, the board should provide strategy direction and represent the best interests of the shareholders.”

The heirs note that both the Council of Institutional Investors and the Conference Board’s Commission on Public Trust and Private Enterprise favor the splitting of the two roles. RiskMetrics Group, Glass Lewis and Proxy Governance as well as CalPERS are advising ExxonMobil shareholders to vote for the proxy.

The Rockefellers have kept their opinions private, and call their decision to speak out against ExxonMobil's current management and board as "not an easy decision."

"We did so after nearly five years of patient and ultimately unsuccessful efforts, working behind the scenes to have an open, two-way dialogue with the company."