Exxon shareholders soundly reject splitting CEO/chairman roles

Exxon Mobil Corp shareholders soundly rejected climate-related proposals and splitting the chairman and chief executive’s roles at the oil major’s shareholder meeting on Wednesday.

Climate activists had swung behind efforts to split the roles of chief executive and chairman after prior defeats on resolutions seeking to make it more accountable to shareholders on climate change risk. This year’s vote on an independent chair collected 32.7% of the vote, down from nearly 41% last year.

Exxon’s director slate was approved by an average of 93.6%, the company said in preliminary results.

Influential proxy adviser Institutional Shareholder Services this year recommended a vote against the independent chairman resolution.