CtW Investment Group supports naming independent chair at Exxon Mobil

By Lisa Kerner

Charlotte, N.C., May 20 - CtW Investment Group said it supports a shareholder proposal to name an independent chair at Exxon Mobil Corp.

A number of investors and advisers are publicly supporting the independent chair proposal at Exxon Mobil's May 28 shareholder meeting, a CtW news release said.

Michael Garland, CtW's director of value strategies, said an independent board chair is "essential to keep management focused on the long-term interests of the corporation and its shareholders."

Garland cited Exxon Mobil's "unresponsive board" and the "unprecedented strategic challenges" the company faces as reasons why reform is needed.

The Irving, Texas-based oil and gas company also needs "to develop renewable energy programs that address global market changes related to climate change," Garland added.

"The fact that management will not even allow independent directors to discuss these concerns with shareholders is symptomatic of a captive board dominated by the chief executive officer," Garland said.

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