WASHINGTON, May 20 /PRNewswire/ -- Today, Michael Garland, CtW Investment Group's Director of Value Strategies, released the following statement in support of a shareholder proposal to name an Independent chair at Exxon Mobil .
"An independent board chair is essential to keep management focused on the long-term interests of the corporation and its shareholders. This reform is particularly needed at Exxon Mobil given its unresponsive board and the unprecedented strategic challenges the company currently faces.
"Most significantly, Exxon Mobil has yet to face up to its need to develop renewable energy programs that address global market changes related to climate change. 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 CEO.
"An independent board chair will help restore adequate checks and balances between the board and management, and provide the board with the independent leadership needed to ensure a forward-looking, successful business strategy. We are pleased to add our name to the growing list of global investors and advisors publicly supporting the independent chair proposal at Exxon Mobil's May 28, 2008 shareholder meeting."
The CtW Investment Group works with pension funds sponsored by unions affiliated with Change to Win, a federation of unions representing nearly 6 million members, to enhance long-term shareholder value through active ownership. These funds have over $200 billion in assets and are substantial long-term Exxon Mobil shareholders.
For further information, visit http://www.ctwinvestmentgroup.com/.
