Exxon Shareholders Strike Down Changes to Retail Voting Program

Exxon Mobil Corp. shareholders struck down a proposal to revamp the company’s retail investor voting program with options that differ from board recommendations.

The bid from the New York City Comptroller’s Office, made on behalf of the city’s police pension, failed with 23.5% of votes in favor, according to preliminary results announced Wednesday at the company’s annual meeting.

Exxon in September got regulatory approval for a program letting individual shareholders register to automatically vote in line with board recommendations. The comptroller’s shareholder proposal maintained the program should include multiple independent voting options to prevent disproportionate benefits to company views.

Michael ...