ExxonMobil Files Definitive Proxy and Shareholder Letter Urging Support for Directors
Shareholders urged to vote using BLUE CARD to support
- 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
“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
“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.
Statements of future events, goals plans, emission reductions, technology progress or market sizes in this release are forward-looking statements. Actual future results and opportunities could vary depending on changes in supply and demand and other market factors affecting future prices of oil, gas, and petrochemical products; changes in the relative energy mix across activities and geographies; changes in international, regional, national and local policy to support lower-carbon technologies; changes in regional and global economic growth rates and consumer preferences; the pace of regional and global recovery from the COVID-19 pandemic and actions taken by governments and consumers resulting from the pandemic; the ability to bring new technologies to commercial scale on a cost-competitive basis; and other factors discussed in this release and in Item 1A. “Risk Factors” in ExxonMobil’s Annual Report on Form 10-K for 2020, as well as under the heading “Factors Affecting Future Results” on the Investors page of ExxonMobil’s website at www.exxonmobil.com.
Forward-looking statements contained in this release regarding the potential future market sizes are not forecasts of actual market sizes. These figures are provided to help quantify the potential of new industries consistent with the stated government goals. Actual future market sizes will depend on future policy decisions, technological developments and consumer preferences. The term “project” as used in this release can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports.
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