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Shareholders Support Exxon’s Executive Pay

DALLAS (AP) – Exxon Mobil’s CEO had a good year in 2011 — compensation valued at $25.2 million. Shareholders did as well, and they’re supporting the oil giant’s pay program.

Investors at Exxon’s annual meeting in Dallas cast 78 percent of shares in favor of the compensation program, rejecting critics who said pay was too high.

CEO Rex Tillerson’s 2011 salary, stock awards and other compensation made him the 16th-highest paid executive among publicly traded U.S. companies.

Rising oil prices helped boost Exxon’s 2011 net income by 35 percent to $41 billion, the company’s best year since 2008. The stock rose 16 percent.

Shareholder consultant ISS Proxy Advisory Services recommended that investors vote against Exxon Mobil Corp.’s executive compensation.

(© Copyright 2012 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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