DEFA14A 1 d345495ddefa14a.htm DEFA14A DEFA14A

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934

 

 

Filed by the Registrant  ☒                             Filed by a Party other than the Registrant  ☐

Check the appropriate box:

 

Preliminary Proxy Statement

 

Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

 

Definitive Proxy Statement

 

Definitive Additional Materials

 

Soliciting Material under § 240.14a-12

EXXON MOBIL CORPORATION

(Name of Registrant as Specified In Its Charter)

NOT APPLICABLE

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check all boxes that apply):

 

No fee required

 

Fee paid previously with preliminary materials

 

Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11.

 

 

 


Exxon Mobil Corporation    Jennifer Driscoll
5959 Las Colinas Boulevard    Vice President, Investor Relations
Irving, TX 75039-2298   
   LOGO
   May 17, 2022

Glass Lewis

255 California Street, Suite 1100

San Francisco, CA 94111

RE: 2022 Glass Lewis Proxy Report Feedback Statement

We appreciate Glass Lewis’ comprehensive discussion on the background, development and challenges associated with the multitude of hypothetical scenarios for climate change and the energy transition that are being discussed by international bodies. ExxonMobil has for many years actively engaged with recognized third parties such as the United Nation’s Intergovernmental Panel on Climate Change (IPCC) and International Energy Agency (IEA), and we have found the range of scenarios produced by those experts helpful in informing and testing our business strategies.

Although, as Glass Lewis states, the proponent has not provided substantial background on why it is requesting that the company conduct an analysis on their specific scenario, we have addressed their request to model the IEA Net Zero by 2050 (NZE) to test the resiliency of our business strategy and published that analysis for transparency and review by shareholders in our Advancing Climate Solutions report (ACS). Wood Mackenzie, an independent third party and recognized expert in the energy transition, performed a quality assurance audit of ExxonMobil’s portfolio model. It confirmed the integrity of our calculations and overall model functionality. Wood Mackenzie also validated that the IEA NZE assumption inputs were accurately reflected in our model, ensuring that the output represents a reasonable expression of the portfolio mix as defined by the model inputs.

With respect to the IEA NZE scenario, the IEA itself describes the IEA NZE as extremely narrow and challenging. Thus, conducting a granular financial assessment of additional, hypothetical assumptions that do not reflect current societal, policy, and market conditions would not provide meaningful information to shareholders. By analyzing the resiliency of our entire business under this extreme scenario, we have sought to provide information that is more relevant to our shareholders, more representative of our portfolio approach to operating our business, and more responsive to what was requested. The analysis and conclusions show the optionality our entire portfolio affords us and the flexibility it offers to adapt to a range of future outcomes.

ExxonMobil encourages the use of scenarios together with signposts, as described in the ACS, to help us inform our strategic thinking, assess the resiliency of our business strategy and determine potential adjustments to that strategy. We believe this approach provides the maximum benefit to shareholders.

In light of the detailed, thorough, and independently audited work to model our business under the IEA NZE scenario, we are confident that the request of proposal Item 8 in our 2022 Proxy Statement has been substantially met, and we encourage shareholders to vote against this item at the Annual Meeting of Shareholders on May 25.

 

        Sincerely,
LOGO