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Bank Of America Investment Exxon Mobil Corp. shareholders on Wednesday voted down two controversial proposals on sexual orientation discrimination and renewable energy sources over the recommendations of an influential advisory group.

Investment Opportunity Institutional Shareholder Services Inc. recommended that shareholders vote in favor of a proposal that would call on the oil giant's board to explicitly state Exxon Mobil was against discrimination based on sexual orientation and another proposal to have the company promote renewable energy sources.

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Banc Of America Investment The group, which advises mutual and pension fund managers, said these issues have become so controversial that they threaten Exxon Mobil's bottom line. The sexual orientation measure was voted down with 76.5 percent opposed and the renewable energy measure was voted down with 79.7 percent opposed.

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Banking Investment Exxon Mobil Chairman Lee Raymond said ISS, which supported company management last year in opposing similar proposals brought to the shareholders' meeting, had changed its position because they felt Exxon Mobil should be following industry trends.

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Investment Solution Strategic ``If you follow that logic, that would say that we all go down the drain together,'' said Raymond, adding Exxon has a policy that prohibits any form of discrimination or harassment at any of its work places around the world. He said with operations in over 200 countries, Exxon Mobil ``experiences more diversity in the broader sense than anybody.''

2006. With a presence of 3, 012, par value shares of the voting stock and an equal number of votes, the General Shareholders' 2006 with the required majority (3, 007, 096 yes votes (99.8783%) to 3, 664 no votes and 1, 344 abstentions).

Investment Banking Services The New York City Employees' Retirement System, which proposed the measure said that while the company claims to bar all forms of discrimination, it does not have a written policy -- adapted by most of Exxon Mobil's competitors -- to prohibit discrimination based on sexual orientation.

Bank Investment 'HUGE WIN' IN DEFEAT

Alternative Investment Campaign ExxonMobil, a group supporting the proposals, said even in defeat, the measures still received more than double the votes over last year and called the vote a ``huge win''.

Online Investment Services ``For the first time mainstream investors are saying to Exxon Mobil that they need to see the rationale behind the company's strategy: the 'just trust us and don't ask questions' approach isn't going to work anymore,'' said Peter Altman, national coordinator of Campaign ExxonMobil .

Accompany Essential Investment Raymond also defended his company's position in opposition to the Kyoto treaty on global warming, saying there are gaps in scientific knowledge in climate change.

Investment Company ``We believe the best path forward at this stage is to focus on scientific research to improve the understanding of climate change and its potential risks,'' he said.

Investment Management Solution Raymond said Exxon Mobil has about 90 major exploration and exploitation projects and he expects capital investment requirements for these and other upstream activities to be about $100 billion through 2010.

Investment Management Services Raymond said that he sees some upward pressure coming for oil prices as refining and marketing are facing profit pressures.

Guide Investment Stock He said there was about a $3 to $4 a barrel premium on the price of oil stemming from the bloodshed in the Middle East, but most of that premium has been removed from the marketplace.

Investment Manual Solution ``Mideast uncertainty has started to fade away and it (the price of oil) is getting more to the fundamentals,'' he said.

Investment Stock The Exxon Mobil chairman also said that the company operated in a completely different manner than failed energy broker Enron Corp., whose dicey accounting and trading practices led investors to question the governance of Corporate America.

Essential Investment Solution ``Although Enron is just down the road in Houston, Texas, they are a world away from Exxon,'' he said.

Citicorp Investment Services A broad array of groups protested outside the shareholders meeting, expressing concern on Exxon Mobil's activities in various parts of the world and asking the company to reconsider policies on issues such as global warming and exploring for oil in Alaska's Arctic National Wildlife Refuge.

Fool Guide Investment Motley Raymond said the company was committed to staying the course even if its long-term views came into conflict with popular views on some subjects.

Fidelity Investment Services ``We are fact-driven. Our actions are not determined by public opinions,'' he said.

Investment Management Reuters - 5/29/2002

Topic: Petroleum Industry

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