Exxon Mobil Corporation

Ticker: XOM

Meeting date: 26/05/2021

Meeting type: Proxy Contest

Proposal Mgt rec Vote
Management proposals
1.1 Proposal Elect Director Michael J. Angelakis Mgt rec For Vote For
1.2 Proposal Elect Director Susan K. Avery Mgt rec For Vote For
1.3 Proposal Elect Director Angela F. Braly Mgt rec For Vote For
1.4 Proposal Elect Director Ursula M. Burns Mgt rec For Vote For
1.5 Proposal Elect Director Kenneth C. Frazier Mgt rec For Vote For
1.6 Proposal Elect Director Joseph L. Hooley Mgt rec For Vote For
1.7 Proposal Elect Director Steven A. Kandarian Mgt rec For Vote For
1.8 Proposal Elect Director Douglas R. Oberhelman Mgt rec For Vote For
1.9 Proposal Elect Director Samuel J. Palmisano Mgt rec For Vote For
1.10 Proposal Elect Director Jeffrey W. Ubben Mgt rec For Vote For
1.11 Proposal Elect Director Darren W. Woods Vote rationale: The board should exercise objective judgement on corporate affairs and be able to make decisions independently of management. The roles of chairperson and CEO should not be held by the same individual. Where a company founder combines both roles, we may support this for a limited period, provided the board has put in place measures to mitigate any conflicts of interest. Global Voting Guidelines Separation of chairperson and CEO Mgt rec For Vote Withhold
1.12 Proposal Elect Director Wan Zulkiflee Mgt rec For Vote For
2 Proposal Ratify PricewaterhouseCoopers LLP as Auditors Mgt rec For Vote For
3 Proposal Advisory Vote to Ratify Named Executive Officers' Compensation Mgt rec For Vote For
Shareholder proposals
4 Proposal Require Independent Board Chair Vote rationale: The board should exercise objective judgement on corporate affairs and be able to make decisions independently of management. The roles of chairperson and CEO should not be held by the same individual. Where a company founder combines both roles, we may support this for a limited period, provided the board has put in place measures to mitigate any conflicts of interest. Global Voting Guidelines Separation of chairperson and CEO Mgt rec Against Vote For
5 Proposal Reduce Ownership Threshold for Shareholders to Call Special Meeting Mgt rec Against Vote Against
6 Proposal Issue Audited Report on Financial Impacts of IEA's Net Zero 2050 Scenario Mgt rec Against Vote Against
7 Proposal Report on Costs and Benefits of Environmental-Related Expenditures Mgt rec Against Vote Against
8 Proposal Report on Political Contributions Vote rationale: The board should account for material sustainability risks facing the company, and the broader environmental and social consequences of its operations and products. Sustainability disclosures should be aligned with applicable global reporting standards and frameworks to support investors in their analysis of risks and opportunities. Where a company’s disclosure does not meet our needs as a financial investor, we will consider supporting a well-founded shareholder proposal calling for reasonable disclosure. We will not support a shareholder proposal that appears to impose a strategy or prescribe detailed methods, unrealistic timeframes or targets for implementation. Global Voting Guidelines Corporate sustainability reporting Mgt rec Against Vote For
9 Proposal Report on Lobbying Payments and Policy Vote rationale: The board should account for material sustainability risks facing the company, and the broader environmental and social consequences of its operations and products. Sustainability disclosures should be aligned with applicable global reporting standards and frameworks to support investors in their analysis of risks and opportunities. Where a company’s disclosure does not meet our needs as a financial investor, we will consider supporting a well-founded shareholder proposal calling for reasonable disclosure. We will not support a shareholder proposal that appears to impose a strategy or prescribe detailed methods, unrealistic timeframes or targets for implementation. Global Voting Guidelines Corporate sustainability reporting Mgt rec Against Vote For
10 Proposal Report on Corporate Climate Lobbying Aligned with Paris Agreement Vote rationale: The board should account for material sustainability risks facing the company, and the broader environmental and social consequences of its operations and products. Sustainability disclosures should be aligned with applicable global reporting standards and frameworks to support investors in their analysis of risks and opportunities. Where a company’s disclosure does not meet our needs as a financial investor, we will consider supporting a well-founded shareholder proposal calling for reasonable disclosure. We will not support a shareholder proposal that appears to impose a strategy or prescribe detailed methods, unrealistic timeframes or targets for implementation. Global Voting Guidelines Corporate sustainability reporting Mgt rec Against Vote For
1.1 Proposal Elect Director Gregory J. Goff Mgt rec For Vote Do not vote
1.2 Proposal Elect Director Kaisa Hietala Mgt rec For Vote Do not vote
1.3 Proposal Elect Director Alexander A. Karsner Mgt rec For Vote Do not vote
1.4 Proposal Elect Director Anders Runevad Mgt rec For Vote Do not vote
1.5 Proposal Management Nominee Michael J. Angelakis Mgt rec For Vote Do not vote
1.6 Proposal Management Nominee Susan K. Avery Mgt rec For Vote Do not vote
1.7 Proposal Management Nominee Angela F. Braly Mgt rec For Vote Do not vote
1.8 Proposal Management Nominee Ursula M. Burns Mgt rec For Vote Do not vote
1.9 Proposal Management Nominee Kenneth C. Frazier Mgt rec For Vote Do not vote
1.10 Proposal Management Nominee Joseph L. Hooley Mgt rec For Vote Do not vote
1.11 Proposal Management Nominee Jeffrey W. Ubben Mgt rec For Vote Do not vote
1.12 Proposal Management Nominee Darren W. Woods Mgt rec For Vote Do not vote
Management proposals
2 Proposal Ratify PricewaterhouseCoopers LLP as Auditors Mgt rec For Vote Do not vote
3 Proposal Advisory Vote to Ratify Named Executive Officers' Compensation Mgt rec Against Vote Do not vote
Shareholder proposals
4 Proposal Require Independent Board Chair Mgt rec None Vote Do not vote
5 Proposal Reduce Ownership Threshold for Shareholders to Call Special Meeting Mgt rec None Vote Do not vote
6 Proposal Issue Audited Report on Financial Impacts of IEA's Net Zero 2050 Scenario Mgt rec None Vote Do not vote
7 Proposal Report on Costs and Benefits of Environmental-Related Expenditures Mgt rec None Vote Do not vote
8 Proposal Report on Political Contributions Mgt rec None Vote Do not vote
9 Proposal Report on Lobbying Payments and Policy Mgt rec None Vote Do not vote
10 Proposal Report on Corporate Climate Lobbying Aligned with Paris Agreement Mgt rec None Vote Do not vote

Disclaimer

This page contains certain information as to the voting intentions of Norges Bank in its role as manager of the Government Pension Fund Global. This disclosure is provided to promote transparency as to Norges Bank’s engagement with investee companies, and in view of its approach to responsible investing. Norges Bank’s voting intention is an internal decision and has not been agreed with any third party. Please note the following:

  • This disclosure is provided for information purposes only. It does not constitute advice and should not be taken as a recommendation or an instruction on any matter, including whether any relevant third party should buy, sell or retain shares, or how any third party should exercise any voting rights they may have. Any person who wishes to obtain advice should seek this from a professional adviser. This disclosure is not a proxy solicitation and is not intended to influence the vote of other shareholders.
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  • Securities lending or other activity may mean that the votes cast by Norges Bank are significantly different than its economic or published holding of shares, or significantly different from its holding at the date of this disclosure. No assumption should be made or reliance placed on the number of votes that will be cast.
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