Exxon Investors Approve Changes to Make Board Access Easier

Exxon Mobil Corp. shareholders approved a resolution to make it easier for activist investors to nominate and elect directors to the board of the world’s largest oil explorer by market value. Under the advisory resolution that won the support of about 60 percent of holders on Wednesday, investors that own 3 percent stakes in Exxon for at least three years could name nominees to the board.
Supporters of the resolution said easier board access would make it possible for environmental groups to have more of a say in how the company operates. Vanguard Group Inc., Blackrock Inc. and State Street Corp. are the only shareholders that owned stakes greater than 3 percent, according to data from the latest filings compiled by Bloomberg. None of them are known as activist investors.