Investors Commend ExxonMobil: Company Finally Agrees to Protect LGBT Employees
JANUARY 30, 2015: ExxonMobil (NYSE: XOM), the world’s largest publicly traded international oil and gas company, has finally expanded their Equal Opportunity Employment and non-discrimination policies to include “sexual orientation” and “gender identity”.
In 1999, Exxon merged with Mobil and stripped away the LGBT non-discrimination policies that had been in place at Mobil. Trillium Asset Management (Trillium) filed its first shareholder proposal with ExxonMobil regarding the company’s non-discrimination policies in 2001 and has regularly filed similar proposals since.
Trillium’s current shareholder proposal with ExxonMobil*, which was co-filed with the New York State Common Retirement Fund, will be withdrawn in recognition of the company’s recent actions.
“We believe that companies and workers benefit from consistent, corporate-wide efforts to prevent discrimination, ensuring a respectful and supportive atmosphere for all employees,” said Matthew W. Patsky, CEO of Trillium. “We are pleased that ExxonMobil, which employs tens of thousands of workers across the globe, has finally added the categories of ‘sexual orientation’ and ‘gender identity’ to its Equal Opportunity Employment Policies.”
On July 21, 2014, President Obama amended Executive Order 11246, which was originally issued by President Lyndon B. Johnson, prohibiting federal contractors from discriminating on the basis of sexual orientation or gender identity. The regulations are expected to become effective on April 8, 2015.
“This is a momentous occasion that calls for celebration. Exxon’s refusal to heed investors’ and advocates’ calls to uphold LGBT rights had made its name a byword for obstinacy,” said New York State Comptroller Thomas P. DiNapoli. “All of us who have fought to have Exxon adopt comprehensive equal rights owe thanks to President Obama, whose executive order motivated Exxon’s change of heart. We commend Exxon for joining its many Fortune 500 peers and investors in the 21st Century where LGBT rights are synonymous with civil rights.”
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For more information: Randy Rice, Trillium Asset Management, (617) 515-6889, rrice@trilliuminvest.com
IMPORTANT DISCLOSURE: The views expressed are those of the authors and Trillium Asset Management, LLC as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be a forecast of future events or a guarantee of future results. These views may not be relied upon as investment advice. The information provided in this material should not be considered a recommendation to buy or sell any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the authors on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is for informational purposes and should not be construed as a research report.
*In addition to engaging with our core portfolio companies, Trillium also conducts advocacy on selected companies (identified with an “*”) that are not in our core portfolios but are held as legacy positions in client portfolios. These are companies that may not meet our minimum social and environmental criteria, but that we still seek to improve. The information provided in this material should not be considered a recommendation to buy or sell any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable.
