Denise L. Nappier
Treasurer
April 17, 2007
Dear Fellow ExxonMobil Shareholder:
As principal fiduciary of the $24 billion Connecticut Retirement Plan and Trust Funds
(CRPTF), I am writing to urge you to join the CRPTF in withholding support from director
Michael Boskin for reappointment to the board on May 30, 2007, at the ExxonMobil 2007
Annual Meeting of Shareholders.
Five times over the past eighteen months, the CRPTF and a coalition of investors
representing $658 billion in assets have asked to meet with Mr. Boskin to discuss
ExxonMobils position on climate risk and its impact on the long-term value of our
investment in the company. This request has been declined each time. His refusal to meet
with shareholders on this issue is especially troubling given Mr. Boskins position as
Chair of the Public Issues Committee for ExxonMobils board of directors. The charge of
the Public Issues Committee is to review and provide advice, as the Committee deems
appropriate, regarding the Corporations policies, programs and practices on public
issues of significance, including their effects on safety, health and the environment.
With growing consensus from the scientific community that climate change will have
significant, far-reaching implications, many leading corporations from various
industries are considering how global warming and environmental regulations could affect
their future business. Institutional investors have been working together with those
companies to assess and plan for the financial risks and potential business
opportunities related to global climate change. As one of the worlds largest refiners
and marketers of oil products, ExxonMobil would be profoundly impacted if environmental
regulations were imposed on their industry.
We are concerned that the advice on climate risk provided by the Public Issues Committee
to the full ExxonMobil board does not reflect the views of key institutional
shareholders, including the CRPTF. Although ExxonMobils management has offered to meet
with shareholders in lieu of a meeting with Mr. Boskin, we believe that strategic
direction regarding ExxonMobils response to climate change needs to come from the
board. Mr. Boskins continued refusal to discuss this important issue with ExxonMobils
institutional investors raises questions about his commitment to the long-term health of
the corporation and its shareholders.
Therefore, the CRPTF will withhold support from Mr. Boskin when it votes its proxies for
board directors at the ExxonMobil 2007 Annual Meeting of Shareholders, and we encourage
you to do so as well.
Sincerely,
Denise L. Nappier
Connecticut State Treasurer
55 Elm
Street, Hartford, Connecticut 06106-1773, Telephone: (860)
702)-3000