Exxon Mobil CEO got $38 million package

[rainbow4321]

http://www.mysanantonio.com/sharedcontent/APStories/stories/D89EKD1G1.html

Buoyed by high oil prices, Exxon Mobil Corp. had a record-breaking year in 2004 and chairman and chief executive, Lee R. Raymond, shared in the company's success with a $38 million compensation package.

Exxon, the largest U.S. oil company, disclosed Wednesday that Raymond, 66, was paid $7.5 million in salary and bonus plus restricted stock worth $28 million and nearly $2.6 million more in other compensation and incentives.

The compensation committee of Exxon's board said Raymond's package was appropriate when compared to pay for CEOs of other U.S. oil companies and major corporations, "particularly in view of the long-term performance of the Company and the substantial experience and expertise that Mr. Raymond brings to the job."

Irving, Texas-based Exxon earned a record $25.33 billion in 2004, believed to be the highest profit ever for a U.S. company after excluding earnings inflated by the sale of a business.

[Daphne08]

1. Why is anyone in government yelling 'Thieves' ??

[indepat]

2. About a thousand times the pay of the typical Exxon employee? Worth

every cent of it most likely IMHO considering he might have helped formulate those energy policies during Cheney's secret, closed energy meetings, after which those in the oil patch have most certainly fared very well indeed.

[shoelace414]

3. such high profits

perhaps they could lower the cost of Oil a bit.

[rainbow4321]

5. The execs and their stock options

http://www.mysanantonio.com/sharedcontent/APStories/stories/D89EP5781.html


Exxon Mobil Corp. and other U.S. companies are giving top executives more in so-called restricted stock grants as an alternative to stock options. Chief executive Lee R. Raymond and other top Exxon Mobil executives cannot sell their restricted shares for a certain time. In theory, this gives them an incentive to enrich themselves — and other shareholders — by taking actions that will increase the value of the company in the future.

At Exxon Mobil, restricted shares granted before 2002 can't be sold until the executive retires. For restricted shares granted in 2002 or later, executives can sell half after five years and the other half after 10 years or retirement, which ever comes later. They can be forfeited "in case of detrimental activity or early termination," Exxon Mobil says.

At the end of 2004, Raymond held 2.71 million shares of restricted stock. At the then-price of $51.26, the company valued them at $138.9 million. At Wednesday's closing stock price, the restricted shares would be worth $160.3 million — if Raymond could sell them.

Value of their restricted shares at year-end:
Retired Executive Vice President Harry J. Longwell, $37.5 million.
President Rex W. Tillerson, $18.7 million. Senior Vice President E.G. Galante, $17.9 million. Senior Vice President S.R. McGill, $16.11 million. Senior Vice President J.S. Simon, $13.74 million.

[cosmicdot]

4. since the Board says it's OK and all other Corp. America is doing it ...

Gilded Age/Robber Baron Revival.

Unconscionable.

Which members of the U.S. Congress Country Club proudly have Exxon Mobil stock in their portfolios? Where is their outrage?


from the ExxonMobil 2005 Proxy to Shareholders:

What shareholder proposals are up for shareholder vote, and how does the ExxonMobil's Board direct shareholders to vote? Should ExxonMobil have sovereignty over these matters?

The Board recommends you vote AGAINST Items 3 through 10 for the reasons we give after each one, which include:

- "That the stockholders of ExxonMobil assembled in Annual Meeting in person and by proxy, hereby recommend that the Corporation affirm its political nonpartisanship. ~snip~

- Be it Resolved that the shareholders of ExxonMobil request the Nominating Committee of the Board of Directors to adopt a policy of annually nominating, whenever possible, at least two independent Directors who, without any conflicts of interest vis a vis ExxonMobil, hold expertise in the oil, gas or energy industry, and who have significant availability of time to devote to the oversight of ExxonMobil management."

- "WHEREAS, we believe that transnational corporations operating in countries with repressive governments, ethnic conflict, weak rule of law, endemic corruption, or poor labor and environmental standards face serious risks to their reputation and share value if they are, in any way, seen to be responsible for, or complicit in, human rights violations; and,

WHEREAS, ExxonMobil has extensive natural gas operations in the Aceh region of the island of Sumatra in Indonesia; ~snip~

THEREFORE, BE IT RESOLVED, that shareholders request that management review and report to shareholders, by September, 2005, on the corporation's security arrangements with the Indonesian government and private security forces, including support, both monetary and in kind, to the Indonesian government and military. Furthermore, it is requested that this review and report to shareholders should be conducted with a particular reference to potential financial and reputational risks incurred by the company as a result of these relationships.

- "WHEREAS: ExxonMobil does not explicitly prohibit discrimination based on sexual orientation in its written employment policy; ~snip~

RESOLVED: The Shareholders request that ExxonMobil amend its written equal employment opportunity policy to explicitly prohibit discrimination based on sexual orientation and to substantially implement the policy

- "WHEREAS, biodiversity is being lost at an alarming rate and that there is a need to preserve the Earth's remaining species of plants and animals.

RESOLVED, shareholders request that the independent directors of the Board of ExxonMobil prepare a report, at reasonable cost and omitting proprietary information, on the potential environmental damage that would result from the company drilling for oil and gas in protected areas such as IUCN Management Categories I-IV and Marine Management Categories I-V, national parks, monuments, and wildlife refuges (such as the Arctic National Wildlife Refuge), and World Heritage Sites. The report should consider the implications of a policy of refraining from drilling in such areas and should be available to investors by the 2006 annual meeting.

- Resolved: That, by the 2006 annual shareholder meeting, the Board of Directors make available to shareholders the research data relevant to ExxonMobil's stated position on the science of climate change, omitting proprietary information and at reasonable cost.

- RESOLVED: shareholders request the Board undertake a comprehensive review and publish within six months of the annual meeting a report on how ExxonMobil will meet the greenhouse gas reduction targets of those countries in which it operates which have adopted the Kyoto Protocol.





Exxon's Board of Directors and some of their other connections
``````````````````````````````````````````````````````````````

Michael J. Boskin

Age 59
Director since 1996

Principal Occupation: T. M. Friedman Professor of Economics and Senior Fellow, Hoover Institution, Stanford University

Recent Business Experience: Dr. Boskin is also a Research Associate, National Bureau of Economic Research and serves on the Commerce Department's Advisory Committee on the National Income and Product Accounts. He is Chief Executive Officer and President of Boskin & Co., an economic consulting company.

Public Company Directorships: Oracle Corporation; Shinsei Bank; Vodaphone Group


William W. George

Age 62

Principal Occupation: Professor of Management Practice, Harvard Business School

Recent Business Experience: Mr. George was elected Chairman of Medtronic in 1996, retired in 2002; Chief Executive Officer in 1991; and President and Chief Operating Officer in 1989. He is also currently Chairman of The Global Center for Leadership and Business Ethics.

Public Company Directorships: Goldman Sachs, Novartis AG


James R. Houghton

Age 69
Director since 1994

Principal Occupation: Chairman of the Board and Chief Executive Officer, Corning Incorporated

Recent Business Experience: Mr. Houghton resumed his role as Chairman and Chief Executive Officer of Corning Incorporated in 2002, and relinquished the role of CEO in April 2005. He served as non-executive Chairman in 2001-2002 and Chairman Emeritus from 1996-2001. Elected Chairman and Chief Executive Officer of Corning Incorporated in 1983, retired in 1996.

Public Company Directorships: Corning Incorporated; Metlife


William R. Howell

Age 69
Director since 1982

Principal Occupation: Chairman Emeritus, J.C. Penney Company

Recent Business Experience: Mr. Howell was elected Chairman and Chief Executive Officer of J.C. Penney Company in 1983, retired in 1997.

Public Company Directorships: American Electric Power; Halliburton; Pfizer; The Williams Companies; Deutsche Bank Trust Corporation and Deutsche Bank Trust Company Americas, non-public wholly owned subsidiaries of Deutsche Bank AG


Reatha Clark King

Age 67
Director since 1997

Principal Occupation: Former Chairman, Board of Trustees, General Mills Foundation

Recent Business Experience: Elected Chairman, Board of Trustees, General Mills Foundation in 2002, retired in 2003; President and Executive Director, General Mills Foundation, and Vice President, General Mills, Inc. from 1988-2002. Prior to joining the General Mills Foundation, Dr. King held a variety of positions in chemical research, education, and academic administration.

Public Company Directorships: Wells Fargo & Company; Department 56; Minnesota Mutual Companies, where she will not stand for election to the board in 2005


Philip E. Lippincott

Age 69
Director since 1986

Principal Occupation: Retired Chairman of the Board and Chief Executive Officer, Scott Paper Company; Retired Chairman of the Board, Campbell Soup Company

Recent Business Experience: Mr. Lippincott was elected Chairman of Campbell Soup Company in 1999, retired in 2001. Elected Chairman and Chief Executive Officer of Scott Paper Company in 1983, retired in 1994; elected Chief Executive Officer in 1982; and Director in 1978.

Public Company Directorships: Campbell Soup Company; Penn Mutual Life Insurance Company


Henry A. McKinnell, Jr.

Age 62
Director since 2002

Principal Occupation: Chairman of the Board and Chief Executive Officer, Pfizer

Recent Business Experience: Elected Chairman and Chief Executive Officer of Pfizer in 2001; President and Chief Operating Officer in 1999; and Executive Vice President in 1992. Dr. McKinnell also served as President of Pfizer Pharmaceuticals Group from 1997-2001.

Public Company Directorships: Pfizer; Moody's Corporation; John Wiley & Sons, where he will not stand for election to the board in 2005


Marilyn Carlson Nelson

Age 65
Director since 1991

Principal Occupation: Chairman of the Board and Chief Executive Officer, Carlson Companies

Recent Business Experience: Mrs. Nelson has held a number of management positions at Carlson Companies including Director, Senior Vice President, and Vice Chair.

Public Company Directorships: Carlson Companies


Lee R. Raymond

Age 66
Director since 1984

Principal Occupation: Chairman of the Board and Chief Executive Officer, Exxon Mobil Corporation

Recent Business Experience: Elected Chairman and Chief Executive Officer of Exxon Corporation in 1993; President in 1987; and Senior Vice President and Director in 1984. Prior to this, Mr. Raymond held a variety of management positions in domestic and foreign operations since joining the Exxon organization in 1963.

Public Company Directorships: J.P. Morgan Chase & Co.


Walter V. Shipley

Age 69
Director since 1998

Principal Occupation: Retired Chairman of the Board, The Chase Manhattan Corporation and The Chase Manhattan Bank

Recent Business Experience: Mr. Shipley was elected Chairman and Chief Executive Officer of Chase Manhattan upon its merger with Chemical Bank in 1996, retired in 1999. Elected Chairman and Chief Executive Officer of Chemical Bank in 1983; President and Director in 1982; and Senior Executive Vice President in 1979.

Public Company Directorships: Verizon Communications; Wyeth


Rex W. Tillerson

Age 52
Director since 2004

Principal Occupation: President, Exxon Mobil Corporation

Recent Business Experience: Elected President and Director of ExxonMobil in 2004; Senior Vice President in 2001. Mr. Tillerson has held a variety of management positions in domestic and foreign operations since joining the Exxon organization in 1975, including President, Exxon Yemen Inc. and Esso Exploration and Production Khorat Inc.; Vice President, Exxon Ventures (CIS) Inc.; President, Exxon Neftegas Limited; and Executive Vice President, ExxonMobil Development Company.

Public Company Directorships: None


DIRECTOR COMPENSATION


The table below shows the total compensation paid in 2004 to each of our current non-employee directors.

Director

Annual Base Fee ($)
Committee Fees ($)
Restricted Stock Awards* ($)
Total ($)


Dr. Boskin.....75,000 33,827 167,240 276,067
Mr. Houghton...75,000 48,000 167,240 290,240
Mr. Howell.....75,000 48,000 167,240 290,240
Dr. King.......75,000 38,000 167,240 280,240
Mr. Lippincott.75,000 26,827 167,240 269,067
Dr. McKinnell..75,000 31,000 167,240 273,240
Mrs. Nelson....75,000 33,827 167,240 276,067
Mr. Shipley....75,000 32,346 167,240 274,586

April 13, 2005 Proxy to Shareholders
http://ir.exxonmobil.com/phoenix.zhtml?c=115024&p=irol-secToc&TOC=aHR0cDovL2NjYm4uMTBrd2l6YXJkLmNvbS94bWwvY29udGVudHMueG1sP2lwYWdlPTMzOTUyODImcmVwbz10ZW5r




CEO Pay Widens the Income Gap
http://www.aflcio.org/corporateamerica/paywatch/

Special Report: Executive Pay 2004
http://www.usatoday.com/money/companies/management/2004-ceo-pay-total-chart.htm

They Rule allows you to create maps of the interlocking directories of the top companies in the US in 2004
http://www.theyrule.net/

[ElsewheresDaughter]

6. and the sick part is Exxon get to write that $38 mil as a tax write-off

all CEO's bounces and packages are tax deductable to the corps :puke: