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SEC Rules In Favor Of NY State Comptroller On ExxonMobil Case

Scott Olson, Getty Images

Albany, NY (WIBX) – In a victory for the State Comptroller’s Office, the Securities and Exchange Commission has rejected a request by ExxonMobil to block a shareholder resolution put forth by Thomas DiNapoli.

As Comptroller, DiNapoli oversees the $140 billion New York State Common Retirement Fund, which is heavily invested in ExxonMobil stock.

His resolution calls on the oil giant to prohibit discrimination based on sexual orientation and gender identity, saying that the company’s refusal to come “into the modern age” puts investors at risk.

ExxonMobil has long been a target of critics for its environmental and human rights policies. The group Human Rights Campaign gave the company its lowest ranking among Fortune 500 companies in its Corporate Equality Index.

The SEC said the resolution can go forward, and shareholders will vote on DiNapoli’s proposal at the company’s annual shareholder meeting on May 30, 2012.

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