SEC Sides With DiNapoli Over Exxon

dinapoli4 SEC Sides With DiNapoli Over ExxonTom DiNapoli scored a victory over Exxon Mobil yesterday when the Securities and Exchange Commission rejected a request by the oil giant to block a shareholder resolution pushed by the comptroller.

The shareholder resolution is calling on ExxonMobil to explicitly prohibit discrimination based on sexual orientation or gender.

“ExxonMobil is putting investors at risk by failing to prohibit discrimination based on sexual orientation and gender identity,” Mr.  DiNapoli said. “ExxonMobil claims it does not have discriminatory policies but it continues to deny health benefits to same-sex couples who are married in New York State that are automatically given to married couples. I urge shareholders to support my proposal to ask ExxonMobil to end these practices and bring this company into the modern age.”

A vote on the proposal is slated for May 30.

In a release, Mr. DiNapoli notes that Exxon Mobil is just the latest company in which the pension fund invests that he has urged to expressly prohibit discrimination. Since 1999, when Exxon and Mobil merged, the company  has come under fire for its decision to cease offering health-care benefits for its employees’ same-sex partners.