N.C. won't vote to re-elect oil execs (Exxon Mobile shareholders)

[struggle4progress]

Updated: 5/30/2006 7:22 PM
By: Gary D. Robertson, Associated Press

RALEIGH, N.C. -- North Carolina will withhold its shareholder votes for five directors at Exxon Mobil Corp.'s annual meeting this week to protest high executive pay as gasoline prices soar, State Treasurer Richard Moore said Tuesday.

Grabbing on to an issue popular among voters, Moore said the North Carolina retirement system will decline to support the re-election of the directors who have served on the board's compensation committee. The system owns 11 million shares of Exxon Mobil stock valued at $663 million. The company's annual meeting is Wednesday in Dallas.

Congress and the public have complained about a nearly $400 million retirement package given recently to the energy giant's former chairman, Lee Raymond.

"As shareholders, we are outraged that executives are using soaring gas prices, which are hitting consumers at the pump, to fatten their own wallets," Moore said in a statement. "The excessive pay packages, like that seen at Exxon Mobil, diminish shareholder value and are evidence of policies that fail to generate long term value for shareholders." ...

http://www.news14charlotte.com/content/business/?AC=&ArID=120822&SecID=54

[aquart]

1. What a good idea.

[babylonsister]

2. But are they worrying about us or their investments and stocks?

:eyes:

[struggle4progress]

3. I find it useful to cheer when the political apparatus lurches in the ..

.. proper direction, and not to question too loudly the purity of people's motives while they are doing anything I consider helpful to my cause, whether their aid be principled or not ...

[Lance_Boyle]

7. They're worried about the investments and stocks

of the teachers and other state employees invested in the state's retirement fund.

[tech3149]

4. shareholders unite!

The only chance we have to fight the greedy bastards is for shareholders to stand behind their interests and beliefs. What pisses me off is that many corps have tried to limit shareholders rights in the past few years.

[jwirr]

5. This is good. While we fight the corruption of corporations we

should remember that it is the stock holders who have the most power over these companies. When the stock holders start to wake up and realize that their investments are hurting the US then we will see some changes.

[goforit]

6. May the Enron verdict give strength to this issue.

Has the dawn broken?

Are people gonna stand for this?

[cantstandbush]

8. Now that's really using your power. Is a movement afoot among sharholder

of oil companies?