Exxon Mobil shareholders should not support the continuation of the oil major's executive payment program, influential proxy advisory ISS has determined.
The advisory says the company's payment structure for its CEO is out of step with current market standards, and Exxon offers too little detail on the criteria for bonuses.
"Exxon's executive pay program has remained largely unchanged for the better part of a decade. What has not remained constant over this period, however, are prevailing market practices and investors' expectations around executive compensation and related disclosure," it concluded.
CEO Darren Woods' transition to the top job following Rex Tillerson's exit to became U.S. secretary of State presents an opportunity for Exxon and its shareholders to reevaluate the pay program, ISS concluded.