Additional Proxy Soliciting Materials (definitive) (defa14a)
13 Mayo 2019 - 10:37AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
Proxy
Statement Pursuant to Section 14(a)
of the Securities Exchange Act of 1934
(Amendment No. )
Filed by the Registrant
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Filed by a Party other than the Registrant
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Preliminary Proxy Statement
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Confidential, for Use of the Commission Only(as permitted by Rule 14a-6(e)(2))
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Definitive Proxy Statement
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Definitive Additional Materials
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Soliciting Material Pursuant to §240.14a-12
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E
XXON
M
OBIL
C
ORPORATION
(Name of Registrant as Specified In Its Charter)
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
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previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.
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ExxonMobil on Climate Change
and Shareholder Engagement
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By Neil Hansen
May 13, 2019
As we approach ExxonMobils annual shareholders meeting later this month, I wanted to highlight two important issues to the company
climate change and shareholder engagement.
We feel this is important because two funds representing retirees and other ExxonMobil investors,
the Church of England and New York State Common Retirement Fund, are currently misrepresenting our position on these important matters in an effort to influence voting at our annual shareholders meeting later this month.
Managing Climate Change Risks
ExxonMobil is committed to doing its part to address the dual challenge of meeting the worlds growing demand for energy while reducing the
risks of climate change.
1
In February, ExxonMobil released the latest edition of our
Energy
&
Carbon Summary
, which details how the company manages the risks of climate change.
The report analyzes potential impacts to the
companys business through 2040, considering the average of potential 2°C scenarios which project global energy-related CO
2
emissions in line with the goals of the
Paris Agreement, which we support.
It highlights some of the business-wide emissions reduction measures were undertaking, including a
15 percent reduction in methane emissions and a 25 percent reduction in flaring by 2020, each when compared with 2016.
Since 2000,
ExxonMobil has spent more than $9 billion to develop and deploy lower-emission energy technology such as cogeneration, algae biofuels, and carbon capture and storage. The
Energy & Carbon Summary
highlights the solutions that
ExxonMobil is providing customers to help them reduce their emissions and improve energy efficiency.
2
The report also details elements of our climate-related public policy work. This includes our
leadership in calling for regulation of new and existing sources of methane emissions from oil and gas operations (in addition to being a signatory to the Methane Guiding Principles), participation in the Oil and Gas Climate Initiative, our Founding
Membership of the Climate Leadership Council, and financial support for Americans for Carbon Dividends, a carbon tax advocacy organization.
Shareholder Engagement
Not all
owners agree on how best to manage the myriad risks a company faces, including the risks of climate change. This is why ongoing and robust shareholder engagement is so critical to the effective governance of the company. It enables the Board and
senior management to hear multiple perspectives, including conflicting points of view, and to incorporate those views as appropriate.
In 2018,
we held more than 80 engagements on Environmental, Social, and Governance issues with investors, pension funds, and other organizations, including multiple engagements with the Church of England and New York State Common Retirement Fund.
We believe our extensive engagement is evidence of our commitment to good corporate governance and the importance we place on receiving insights
from all segments of our diverse and varied shareholder base.
3
While shareholders do not need to file shareholder proposals to engage directly with the company,
when they do, ExxonMobil considers all resolutions thoroughly and in accordance with the rules established by the Securities and Exchange Commission (SEC).
During this years proxy season, we received 14 shareholder proposals, including the proposal jointly submitted by the New York State Common
Retirement Fund and the Church of England. While some proposals asserted that ExxonMobil needed to do more to respond to the risks of climate change, others opposed additional action on the issue.
We engaged directly with all proponents or their representatives to best understand their concerns, which were carefully considered by
ExxonMobils Board and management.
In several instances, we opposed including a proposal in our proxy statement because what was being
asked of the company had been already substantially implemented or because the proposal sought to micromanage the company, two reasons the SEC considers under its rules.
4
After considering positions by the company and proposal advocates, the SEC supported the
companys views that five of the submitted proposals including one by the New York State Common Retirement Fund and the Church of England met the SECs standards for omission from our proxy statement. I should note that some
of the excluded proposals also included those that opposed additional action on climate change.
Unfortunately, the Church of England and New
York State Common Retirement Fund are now arguing that ExxonMobil, by successfully requesting SEC confirmation that their resolution could be omitted, is failing to engage with shareholders and is not taking climate change seriously.
We disagree.
Over the past year, we
engaged in detailed discussions with the Church of England and New York State Common Retirement Fund on three separate occasions, including an
in-person
meeting just a few months ago. While their perspectives
were carefully and respectfully considered, the Board viewed matters differently, and followed the SECs established process.
We respect
their right to disagree but believe their campaign urging other shareholders to vote against the Board and to change the companys governance structure by separating the roles of chairman and CEO is unwarranted.
5
ExxonMobils annual shareholders meeting, on May 29, gives shareholders the opportunity
to have their voices heard on many topics that are important to our company. We encourage our shareholders to carefully consider the issues using the information in our proxy statement,
Energy
& Carbon Summary
, and our
website, and vote in accordance with the Boards recommendations.
6
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