From: Reuters
Published April 10, 2008 05:31 PM

Exxon CEO pay up nearly 18 percent in 2007

NEW YORK (Reuters) - Exxon Mobil Corp <XOM.N> Chief Executive Rex Tillerson's compensation rose nearly 18 percent to $21.7 million in 2007, when the oil company pulled in the largest profit ever for a U.S. company.

Tillerson, chief executive of the world's largest publicly traded company, took home a pay package that included $1.75 million in salary, a $3.36 million bonus, and $16.1 million of stock and option awards, according to a company filing with the U.S. Securities and Exchange Commission.

He also received nearly $430,000 of other compensation, including $229,331 for personal security and $41,122 for use of the company aircraft.

Exxon Mobil earned $40.61 billion in 2007, up 3 percent from the previous year. The company's shares rose 22 percent during that period.


Still, Tillerson's 2007 pay was not even the highest mark for the U.S. oil and gas industry. Occidental Petroleum Corp <OXY.N> CEO Ray Irani made $33.6 million and Anadarko Petroleum Corp <APC.N> chief James Hackett took in $26.7 million over the same period.

In addition to his pay package, Tillerson, 56, received more than $7.6 million from exercising options and stock awards during the year.

Exxon also disclosed the 17 shareholder proposals that will be presented at its annual meeting on May 28, all of which the company suggested shareholders vote against.

Those included seven proposals about the company's environmental policies and impact and three proposals on Exxon's executive compensation.

Another proposal asked shareholders to vote to prohibit non-binding or advisory shareholder proposals, unless the board takes specific action to approve such proposals.

"We believe the purpose of such proposals is to harass and intimidate the Company into actions that it would not ordinarily undertake and that, in fact, may be harmful to the Company and bona fide shareholders," said the proposal submitted by the Free Enterprise Action Fund, a mutual fund that "aims to defend free enterprise from the left's use of capitalism against capitalism."

Exxon recommended shareholders vote against the proposal.

"The board does not believe the proxy statement is the most appropriate venue for many of the issues currently raised by shareholder proposals," the company said. "However, the board also does not believe the By-Law amendment proposed by the proponent is the best way to carry out reform of the shareholder proposal process at this time."

Exxon shares closed 15 cents lower at $89.55 on the New York Stock Exchange on Thursday.

(Reporting by Michael Erman; Editing by Derek Caney and Braden Reddall)

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