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MarketScreener Homepage  >  Equities  >  Nyse  >  Exxon Mobil Corporation    XOM

EXXON MOBIL CORPORATION

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Exxon Mobil : CCE, NYSCRF To Vote Against Entire Exxon Board Over Climate Change

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05/09/2019 | 10:10pm EST

Church Commissioners for England and the New York State Common Retirement Fund (NYSCRF) will vote against all board directors at oil giant ExxonMobil’s annual general meeting on 29 May, ipe.com has reported.

Edward Mason, head of responsible investment at the Church of England’s £8.3bn (€9.6bn) endowment fund, said: “Exxon continues to lag its industry peers on climate change and to fail to engage properly with shareholders. We are showing our dissatisfaction in the strongest possible way by voting against the re-election of the entire board.”

The Church Commissioners and NYSCRF have also stated their intentions to back two other shareholder proposals asking Exxon’s board to create a “climate committee” to evaluate the company’s “strategic vision and responses to climate change”, and requiring the company to issue a report on its governance of, and spending on, lobbying.

However, a previous resolution filed by the two funds last December asking Exxon to disclose its emissions reduction targets has been taken off the agenda after US regulator the Securities and Exchange Commission granted the company’s request to bar it.

In addition, the two asset owners also pledged support for a shareholder proposal requiring the board chair to be an independent member of the board, rather than the company’s CEO. Darren Woods has held both roles at Exxon since 2017. The proposal was filed by the Kestrel Foundation and would be phased in for the next CEO transition if adopted.

Thomas DiNapoli, New York State comptroller and NYSCRF trustee, said: “A corporate board exists as oversight of management. When the CEO serves as board chair, it not only presents an inherent conflict of roles, but is also a larger warning sign of bad corporate governance as it raises serious questions that the board may be merely a rubber stamp instead of providing genuine oversight.”

DiNapoli continued: “Exxon’s failure to demonstrate it is prepared to take steps towards the transition to a lower carbon future puts its business at risk. We encourage other investors to join us in voting to separate the roles of chair and CEO.”

The post CCE, NYSCRF To Vote Against Entire Exxon Board Over Climate Change appeared first on Independent Newspapers Nigeria.

(c) 2019 Daily Independent. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials (USD)
Sales 2019 265 B
EBIT 2019 19 696 M
Net income 2019 12 022 M
Debt 2019 43 535 M
Yield 2019 5,01%
P/E ratio 2019 23,9x
P/E ratio 2020 19,0x
EV / Sales2019 1,26x
EV / Sales2020 1,26x
Capitalization 290 B
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Mean consensus HOLD
Number of Analysts 27
Average target price 77,17  $
Last Close Price 68,56  $
Spread / Highest target 45,9%
Spread / Average Target 12,6%
Spread / Lowest Target -18,3%
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NameTitle
Darren W. Woods Chairman & Chief Executive Officer
Bradley W. Corson President
Andrew P. Swiger Chief Financial Officer & Senior VP
Samuel J. Palmisano Independent Director
Steven S. Reinemund Independent Director
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