Exxon Mobil

Remarks of Tracey Rembert at Exxon Mobil Annual Meeting

Dallas, Texas, May 26, 2004

Good Morning. My name is Tracey Rembert and I am here to present this  proposal on behalf of shareholder Jennifer Ladd and other members of Responsible Wealth, who are also Exxon Mobil shareholders. Responsible Wealth is a national network of affluent Americans who are concerned about widening economic inequality in America.

This resolution calls upon Exxon Mobil to report on the race and gender of those receiving stock awards from the Company. We offer this resolution not to criticize Exxon Mobil’s diversity efforts, but rather to acknowledge that the company has been a leader on diversity issues. With this resolution we invite Exxon Mobil into a position of even greater leadership in the arena of corporate diversity.

It has been 35 years since Martin Luther King was assassinated and yet the racial wealth divide in America persists. In 2001 the average net worth of African American families was just $19,000 compared to $121,000 for white families. And in 2003 a black college graduate continues to earn $500,000 less over their lifetime than their white college classmates. What role do corporate compensation policies play in these disparities? Is the stock award wealth imparted by corporations flowing beyond its historical concentration in the hands of white men? These are the diversity questions of today and of the future.

A decade ago, companies regularly protested the release of EEO-1 diversity data. Arguments of “no one else is doing this” or “why do you need to know” were regularly heard. But slowly a few companies began to release this information and now it is standard operating procedure for large companies with a strong commitment to diversity. Exxon Mobil is one of these companies.

EEO-1 data is important for it paints a picture of the changing face of the corporate workforce, including the jobs opened to those groups historically excluded from positions of greater authority and responsibility. While EEO-1 disclosures are important, they are not sufficient.

Stock awards are the most valuable player awards given by the company. The distribution of restricted stock maps where real power and responsibility lie within our corporation. We believe it is important for shareholders to see whether the stock awards distribution map corresponds with the picture painted by EEO-1 disclosures. Workplace diversity and workplace equity must go together.

Stock awards represent a powerful way of distributing the wealth of the corporation, wealth we believe that is created not simply by executive officers, but by all employees working together to create shareholder value. It is often said, that no one got rich off of a paycheck, and while this is perhaps less true for senior executives of America’s corporations, few would argue with the contention that it is stock awards that convey significant wealth.

The question we ask is easily answered. Perhaps Exxon Mobil already knows the answer. But to publicly disclose this answer requires an act of courage and leadership that our company is not yet prepared to make. Please support this resolution and send a message of affirmation and encouragement to Exxon Mobil’s board and management.

Thank you.

Responsible Wealth, 29 Winter Street, 2nd Floor, Boston, MA 02108.
Voice: 617/423-2148 Fax: 617/423-0191.
© 2002 Responsible Wealth. All rights reserved.