Exxon directors re-elected

Despite the opposition of several public pension funds, all directors of the Exxon board were re-elected at the company's annual meeting in Dallas on Wednesday.

The pension funds, as institutional shareholders, sought the defeat of several directors who approved controversial pay and benefit packages for Exxon executives.

From Pensions & Investments:

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 $96.1 billion (US$87.4 billion) Ontario Teachers’ Pension Plan, Toronto, opposed all 12 directors.

The funds were concerned about excessive executive compensation.