IRVING, Texas – ExxonMobil files definitive proxy and shareholder letter urging support for directors
Shareholders urged to vote using BLUE CARD to support ExxonMobil directors
Investment plan to grow earnings; flexible to market conditions, benefits from cost reductions
Continued investment in lower-carbon technologies to support societal net zero ambitions
“Our directors have experience leading some of the world’s largest, most complex and successful companies and bring to the board a wide range of backgrounds, knowledge and skills relevant to ExxonMobil’s business and future success,” said Darren Woods, chairman and chief executive officer.
“Over the past several years, the board has added directors with deep expertise in climate change, financial markets, capital allocation, energy transition, and environmental, social and governance practices. New directors also have significant experience helping companies navigate complex transitions while building value for shareholders.”
ExxonMobil’s board of directors oversees the business plans, which through 2025 are expected to increase earnings and cash flow to fund and grow the dividend, pay down debt and invest in future projects. The plan, which is flexible to market conditions and benefits from ongoing cost-reduction efforts, positions ExxonMobil to emerge from the pandemic with improved financial performance and win in a lower-carbon energy future.
“We are investing in commercially attractive low-carbon technologies, which will be an integral part of our long-term strategy,” said Woods. “We ask our shareholders to support our strong and diverse board to continue the disciplined focus on executing this plan that sustains the dividend and leverages our expertise and competitive advantages.”
ExxonMobil’s board has added seven independent, highly-qualified directors since 2016, including three directors this year. The company’s director nominees have an average tenure of approximately five years, compared to an average of nearly eight years for the boards of S&P 500 companies. Eleven of the board’s 12 director nominees are independent.
ExxonMobil also sent a letter to shareholders, urging their support for the company’s highly qualified directors. Shareholders can learn more about the company’s plans, sign up for emailed updates and get help with voting at the annual meeting by visiting xomdrivingvalue.com.