Union seeks yearly review of Exxon Mobil CEO pay

DALLAS

A government-employees union and an investment advisory firm staked out positions Monday on measures Exxon Mobil Corp. shareholders are to ponder when they meeting this month, from sexual-identity discrimination to CEO Rex Tillerson's pay.

The American Federation of State, County and Municipal Employees and RAM Trust said Exxon Mobil shareholders should reject an advisory measure approving Tillerson's compensation.

Tillerson got a deal valued at $21.5 million last year, according to an Associated Press analysis. The union said Tillerson's compensation is too loosely tied to performance.

The union owns Exxon stock. An official said the union takes an interest in corporate-governance issues because its members' pensions are invested in large corporations.

AFSCME also urged support for a measure that would give shareholders the opportunity to vote on CEO pay every year instead of every three, as the company recommends. The company's board said it will enact whatever frequency shareholders approve -- every one, two or three years.

The union also asked shareholders to support three resolutions the company opposes. One would more fully disclose political activity and contributions; one would require the board's chair be an independent director and the third would ban discrimination against gays. Exxon said it already bans discrimination of any kind.