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Corporate governance

Good governance is essential to ensuring the long-term viability of our business, promoting economic development of the communities where we operate and responsibly providing the energy needed to power the world’s progress. ExxonMobil employs a variety of policies and processes to uphold good corporate governance, avoid corruption and promote transparency underpinned by a majority independent board of directors that provides oversight on our corporation’s affairs.

Standards of Business Conduct

Our Standards of Business Conduct, adopted and administered by the board of directors, ensure we operate at the highest level of operational integrity by setting the ethical conduct expectations of our corporation and majority-owned subsidiaries. These Standards cover a range of topics including labor, the environment and anti-corruption. While ExxonMobil is not a formal signatory of the United Nations Global Compact, its values represent key elements of our Standards.

Photo — CEO Rex Tillerson meets with local workers at our Papua New Guinea operations. 
In June 2015, ExxonMobil directors and executives visited the liquefied natural gas (LNG) operations in Papua New Guinea (PNG) to view how ExxonMobil’s holistic approach to managing key sustainability and community issues has been successfully implemented in this unique area. The visit encompassed an overview of the mountainside gas wells and the Hides gas processing plant, as well as a review of the pipeline that transports treated gas from the highlands to the LNG plant.

Shareholder relations

We value the dialogue we have with our shareholders on a variety of governance, social and environmental topics throughout the year. Our direct engagement with shareholders provides an effective forum to address issues, share relevant information and viewpoints, and align on the facts. In 2015, we had 42 shareholder dialogues with institutional investors, pension funds, and labor, religious, and NGO organizations. These dialogues have generally allowed us to reach common ground with our shareholders, in some cases avoiding the need for more formal shareholder proposals at the annual shareholders meeting.

Photo — ExxonMobil's management committee. From left: Mark Albers, senior vice president; Andy Swiger, principal financial officer and senior vice president; Darren Woods, president and board member; Rex Tillerson, chairman and CEO; Jack Williams, senior vice president; Mike Dolan, senior vice president.

Board of directors

ExxonMobil’s board of directors provides independent oversight of the corporation’s affairs. All directors are required to stand for election at our annual meeting of shareholders. In 2015, the board met 11 times, including a board visit to Papua New Guinea. 

Corporate citizenship topics fall under the purview of the public issues and contributions committee (PICC), the board affairs committee and the compensation committee, and are routinely reviewed at board committee meetings.

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