ExxonMobil Corp. shareholders today elected all of the company's 12 directors and voted 52.2% in favor of a shareholder proposal calling for the election of directors by a majority vote of shares, according to preliminary proxy-voting results. James R. Houghton, William R. Howell and Reatha Clark King received the lowest support among directors with about 79% of the vote each, said Russ Roberts, ExxonMobil spokesman. Walter V. Shipley received about 82% of the vote in favor. All other directors received support of about 95% or higher, Mr. Roberts said.
The $209 billion California Public Employees' Retirement System, Sacramento, opposed the election of Mr. Houghton, Mr. Howell, Ms. King and Mr. Shipley.
The $72 billion North Carolina Retirement Systems, Raleigh, opposed Michael J. Boskin and Henry A. McKinnell Jr., in addition to Mr. Houghton, Mr. Howell and Ms. King.
The C$96.1 billion (US$87.4 billion) Ontario Teachers' Pension Plan, Toronto, opposed all 12 directors.
The funds were concerned about excessive executive compensation.
Rex W. Tillerson, chairman and CEO, said the board will evaluate the majority vote proposal, according to Mr. Roberts. No timetable was set for making a decision.
ExxonMobil shareholders also defeated a proposal by the $34.4 billion New York City Employees' Retirement System to prohibit discrimination based on sexual orientation; it received 34.6% in favor. "Discrimination and harassment of any form, including sexual orientation, are not tolerated at ExxonMobil," according to a company response in the proxy statement.
Proposals calling for cumulative voting and separating the positions of chairman and CEO were also defeated, with 34% and 34.4%, respectively, in favor.
The other nine shareholder proposals were defeated, with votes in favor ranging from 6.3% to 12.9%.
