Official response from Exxon Corp.
This is the official letter from Exxon in response to my letter regarding the $400 Million compensation package given to retired CEO Lee Raymond.
It is a pre-canned letter from the Chairman of their Compensation Committee.
It did not address any specifics but does DEFENDS the compensation as just and claims his compensation as standard practice available to all Exxon employees...
The letter speaks for itself.
Exxon Mobil Corporation
5959 Las Colinas Boulevard
Irving, TX 75039-2298
April 26, 2006
Mr. Jack Lee
Submitted via e-mail: jackclee@optonline.net
Dear Mr. Lee,
I appreciate you taking the time to write me a note. I want to assure you that we carefully
considered all elements of Mr. Raymond's compensation and benefits in the context of his long
career and the very strong performance of the company during his tenure as Chairman and CEO.
During his over 12 years of service as CEO of the company, ExxonMobil achieved industry leading
returns on capital employed and increased total shareholder value five-fold.
As you indicate, there have been a number of recent media reports regarding Mr. Raymond’s
compensation as Chairman and CEO. It is important to note that Mr. Raymond’s 2005
compensation reflected ExxonMobil’s very strong business performance, the long-term nature of
his leadership of the corporation, and a very long and distinguished career with the company. His
pension benefits are based on more than 40 years of service with the company and are calculated
using the same pension formulas that apply to all other U.S. dollar - paid employees in the pension
plans in which he participated.
With the input of an independent consultant, Mr. Raymond's compensation was determined by the
Compensation Committee of the Board, which is comprised of non-employee directors. This
committee determined that Mr. Raymond's compensation is commensurate with his performance,
long experience and the significant expertise that he brought to the company. More detail and
information regarding the compensation strategy of the company and the basis for the
compensation of senior executives is available in the proxy statement, which can be accessed
through the internet at ExxonMobil.com or you can write to Exxon Mobil Corporation, Investor
Relations, 5959 Las Colinas Boulevard, Irving, TX 75039-2298 to obtain a hard copy.
Thank you for your continued loyalty as a shareholder.
Sincerely,
Original signed by:
William R. Howell, Chairman
Compensation Committee
It is a pre-canned letter from the Chairman of their Compensation Committee.
It did not address any specifics but does DEFENDS the compensation as just and claims his compensation as standard practice available to all Exxon employees...
The letter speaks for itself.
Exxon Mobil Corporation
5959 Las Colinas Boulevard
Irving, TX 75039-2298
April 26, 2006
Mr. Jack Lee
Submitted via e-mail: jackclee@optonline.net
Dear Mr. Lee,
I appreciate you taking the time to write me a note. I want to assure you that we carefully
considered all elements of Mr. Raymond's compensation and benefits in the context of his long
career and the very strong performance of the company during his tenure as Chairman and CEO.
During his over 12 years of service as CEO of the company, ExxonMobil achieved industry leading
returns on capital employed and increased total shareholder value five-fold.
As you indicate, there have been a number of recent media reports regarding Mr. Raymond’s
compensation as Chairman and CEO. It is important to note that Mr. Raymond’s 2005
compensation reflected ExxonMobil’s very strong business performance, the long-term nature of
his leadership of the corporation, and a very long and distinguished career with the company. His
pension benefits are based on more than 40 years of service with the company and are calculated
using the same pension formulas that apply to all other U.S. dollar - paid employees in the pension
plans in which he participated.
With the input of an independent consultant, Mr. Raymond's compensation was determined by the
Compensation Committee of the Board, which is comprised of non-employee directors. This
committee determined that Mr. Raymond's compensation is commensurate with his performance,
long experience and the significant expertise that he brought to the company. More detail and
information regarding the compensation strategy of the company and the basis for the
compensation of senior executives is available in the proxy statement, which can be accessed
through the internet at ExxonMobil.com or you can write to Exxon Mobil Corporation, Investor
Relations, 5959 Las Colinas Boulevard, Irving, TX 75039-2298 to obtain a hard copy.
Thank you for your continued loyalty as a shareholder.
Sincerely,
Original signed by:
William R. Howell, Chairman
Compensation Committee
posted by Common_Sense at 7:39 AM
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