Exxon CEO was paid $28 million in 2013, up 3 percent from 2012
04/11/2014 1:45 PM
04/11/2014 5:33 PM
Exxon Mobil Corp. CEO Rex Tillerson was paid $28.1 million in 2013, up about 3 percent from the previous year on the strength of higher stock awards, the Irving-based energy giant said Friday in a regulatory filing.
Tillerson’s total compensation package included $2.7 million in salary, a $3.7 million bonus, stock awards valued at $21.2 million and nearly $500,000 in other benefits. His salary and bonus combined were down about 10 percent from 2012, but his stock awards rose 8 percent.
This year’s pay included no adjustments to his pension value or deferred compensation, items that totaled $13 million in 2012 and $9.8 million in 2011. Changes in pension value and deferred compensation aren’t counted under Associated Press calculations.
In filing its proxy statement with the Securities and Exchange Commission on Friday, Exxon also said there are five shareholder proposals on the agenda for the company’s annual meeting, set for May 28 in Dallas. Absent, however, are two environmental proposals regarding carbon costs and hydraulic fracturing that had been past perennials.
The company, which owns Fort Worth-based XTO Energy, sought to head off criticism by striking deals on those two measures, which sponsors withdrew. On March 20, Exxon agreed to provide details on oilfields and other assets whose value may be threatened by carbon limits, and two weeks later, the producer promised to disclose risks associated with fracking.
Exxon on March 31 said its oil and natural gas reserves won’t lose value because demand for energy will trump efforts to curtail climate change. The fracking report will be released later this year, Alan Jeffers, an Exxon spokesman, told Bloomberg News in an April 3 interview.
The company said it recommends a “no” vote on all the remaining shareholder proposals. They include an explicit prohibition of discrimination based on sexual orientation, setting of goals for greenhouse gas emissions, disclosure of lobbying activities, a limit on how many directorships board members may hold, and requiring a majority vote for director elections.
Environmentalists and corporate-governance activists have made Exxon’s annual meeting a focal point for objecting to everything from shale development to producing motor fuels linked to climate change.
The environmental resolutions brought before investors at last year’s annual meeting failed to garner enough votes to succeed. A proposal calling on Exxon to disclose risks associated with shale was supported by 30 percent of shareholders, unchanged from 2012.
A separate item on greenhouse gases gathered 27 percent of the vote, also little changed from a year earlier.
This report contains material from Bloomberg News.
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