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Exxon to ease ban on shareholder meetings with directors

Published 12/20/2017, 02:01 PM
© Reuters.  Exxon to ease ban on shareholder meetings with directors
XOM
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  • Exxon Mobil (XOM +0.8%) says its board has lifted a prohibition on outside directors meeting with shareholders to allow members to “engage directly” with key shareholders and “to address areas of interest" rather than funneling communications through a company-run website.
  • ISS head of analytics John Roe says XOM is belatedly recognizing that big shareholders were more willing to back activist resolutions since the 2008 financial crisis, and calls acceptance of shareholder-director meetings “quite a normal practice” at many companies.
  • The decision, just days after XOM's board bowed to shareholder calls for an annual review of climate-related risks to its business, shows a less confrontational tone toward shareholder pressures under CEO Darren Woods.
  • Now read: Exxon Mobil: What Else Did You Expect?


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