Exxon Mobil to disclose sustainability metrics in setting executive pay

Wespath Investment Management, the investment division of the Glenview, Ill.-based $21 billion General Board of Pension and Health Benefits of The United Methodist Church, agreed to withdraw a shareholder proposal at Exxon Mobil Corp. after the company agreed to disclose sustainability-related metrics it uses in setting senior executive compensation, said a Wespath news release Monday.

Representatives of Wespath and the other co-filers, Needmor Fund and Zevin Asset Management, and Exxon Mobil, met in February to discuss the integration of sustainability metrics, including energy efficiency and greenhouse gas reduction goals, into compensation as the shareholder resolution proposed.

Exxon Mobil agreed “to provide additional disclosure on executive compensation and sustainability performance … and to continue in dialogue” with the shareholders, the news release said.

Exxon Mobil spokesmen and M. Colette Nies, general board managing director-communications, couldn’t be reached for comment.

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