The 2024 ExxonMobil Proxy Statement
Dedicates pages of the proxy to their position on shareholder proposals, says the company has incurred an estimated $21 million cost fighting such proposals the last decade
The 3-page, detailed preface to 4 shareholder proposals on the ballot this year follows the controversial tactic taken by XOM 0.00%↑ in Q1 to litigate a shareholder proposal (naming Arjuna Capital and Follow This) rather than leveraging the SEC No-Action process
Says businesses are experiencing “ongoing abuse . . . from the misuse of proxy proposals”
Highlights that “[o]ver the past two years, proposals have been submitted to ExxonMobil seeking more than 19 new reports – including 13 such proposals that are or were on topics the Company already covers in its reporting”
Calls out ICCR, Proxy Impact, and As You Sow (among others)
“Many of the proponents and representatives work with each other or other activist organizations, and hijack the shareholder proposal process to advance their own agenda, which often conflicts with growing investors’ value”
“ICCR members are responsible for approximately 40% of all proposals received by ExxonMobil for the 10-year period from 2014 to 2023”
The company will face 4 shareholder proposals, including one from an anti-ESG proponent (prop 4, directly below)
See here, pages 79-81
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