Major Exxon Mobil Investors Seek Oil Company Action on Climate Change Risks

Energy Resource, May 21, 2008

ENERGY RESOURCE-21 May 2008-Major Exxon Mobil Investors Seek Oil Company Action on Climate Change Risks(C)2008 JeraOne - http://www.jeraone.com

Nineteen institutional investors, including some of Exxon Mobil's largest shareowners, are voting next week in support of resolutions asking Exxon Mobil Corporation to address climate change risks and opportunities and separate the chairman and CEO positions.

Investors supporting the climate/independent chairman resolutions include the California Public Employees' Retirement System (CalPERS) with 23.9 million Exxon Mobil shares, the California State Teachers' Retirement System (CalSTRS) with 20.8 million shares, the New York State Common Retirement Fund with 20 million shares, the New York City Retirement System with 19 million shares, and the Connecticut Retirement Plans and Trust Funds with 3.2 million shares.

These investors hold over 91 million shares of Exxon Mobil stock valued at more than $8.6 billion (based on May 20, 2008 market close of $94.56/share). In an announcement today, they said would be supporting four key climate-related shareholder resolutions, as well as a separate proxy item to split the CEO and chairman jobs.

The resolutions will be voted on at the Exxon Mobil annual meeting on May 28, 2008 in Dallas, Texas.

The four climate resolutions request that the board develop comprehensive greenhouse gas emission reduction targets; create a task force to investigate the consequences of climate change on business models in emerging markets; report on how it will become an industry leader in developing technologies to create energy independence in the U.S.; and adopt a policy to expand renewable energy R&D and sourcing.

A fifth resolution would separate the CEO and board chairman positions now held by Exxon Mobil's Rex Tillerson and require an independent director serve as chairman.

"Exxon Mobil's go-slow approach in addressing greenhouse gas reductions and investments in renewable energy sources places long-term shareholder value at risk," said California State Treasurer Bill Lockyer, who serves on the board at CalPERS and CalSTRS, two of the nation's public pension funds. "Instead of dragging its feet, Exxon Mobil should be taking the lead in providing long-term climate solutions."

Other Exxon Mobil shareowners announcing their support today for the climate/independent chairman resolutions at XOM include the AFSCME Employees Pension Plan, Illinois State Board of Investment, Maine State Treasurer, SEIU Master Trust, Vermont State Treasurer, the United Methodist Church General Board of Pension and Health Benefits, Christian Brothers Investment Services, Christopher Reynolds Foundation, Green Century Capital Management, Nathan Cummings Foundation, NorthStar Asset Management, Province of St. Joseph of the Capuchin Order, Sisters of St. Dominic of Caldwell, NJ, and Walden Asset Management."Exxon Mobil has long evinced a culture of defiance and indifference to many important concerns of long-term shareholders," said New York City Comptroller William C. Thompson, Jr. who oversees New York City retirement system assets. "The company can take the first step to reforming itself by separating the positions of CEO and Chairman of the Board. Absent this reform, the board will continue to follow rather than lead, and shareholders will continue to be frustrated by their unresponsiveness to their important concerns."

"Exxon Mobil has taken an alarmingly relaxed position when it comes to dealing with climate change and the risks it presents to the company's long-term success," said Mindy S. Lubber, Ceres president and director of the $5 trillion Investor Network on Climate Risk, which helped coordinate the shareholder resolutions. "Investors want Exxon Mobil to not only understand the business impacts of climate change, but to mitigate the financial risks and take advantage of the numerous growing opportunities that exist."

For more information, visit www.ceres.org or www.incr.com.

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