Shareholder Activist Asks SEC to Review ExxonMobil No-Action Letter

By PHYLLIS SKUPIEN, ESQ., Andrews Publications Staff Writer

Shareholder activist Robert A.G. Monks has asked the Securities and Exchange Commission to review a no-action letter that allows ExxonMobil Corp. to exclude a proposal from its shareholder voting materials that would require the company to appoint an independent director as chairman.

"We disagree with the SEC's staff position," Jay Eisenhofer of Grant & Eisenhofer, who is representing Monks' RAM Trust Services, said in a statement. "In fact, the staff's position is both legally incorrect and threatens to undermine great strides in corporate governance achieved in the past few years."

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