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Exxon Retiree Rallies Holders Against C-Suite Perks, CEO Jet Use

Investors will vote on the ex-employee’s proposal at the company’s annual meeting next week 



Source: Bloomberg

Exxon Mobil Corp.’s top executives are showing a failure of leadership by accepting perks such as financial-planning services and use of the corporate jet for personal trips, according to a 42-year veteran employee. 

Bernie Pafford, who worked in chemical research for Exxon until his 2018 retirement, has authored a proposal to end executive-only benefits at the company’s annual meeting on May 25.  Top managers should be subject to the same strict, global policies that prohibit rank-and-file workers from using company funds for personal benefit, he said in an interview. 

“It’s not about the money involved, it’s about credibility,” Pafford said. “Core principles and rules should be the same across the organization. I don’t think we as shareholders should be paying to be a travel service for these guys who have earned $10-$20 million a year.”