Processing Magazine

Proxy firm targets Exxon’s “excessive” pension payment

May 23, 2006

Reuters reports that Proxy-advisory firm ISS, concerned about an "excessive" $98 million pension payment to retired Exxon Mobil Corp. Chief Executive Lee Raymond, is urging Exxon shareholders to withhold votes from four company directors, the Wall Street Journal said. ISS, whose recommendations hold much sway with institutional investors, is spearheading the move as a means of pressuring the oil company to change the way it computes pensions, the Journal said in its Saturday edition. Exxon, in response to the move, sent a letter to institutional shareholders on Friday disputing the criticism and urging shareholders to support the board members, the report said.