Analysts favour ExxonMobil split

News agencies

Independent corporate governance consultants have seconded appeals from the founding family of US supermajor ExxonMobil to split the company’s chairman and chief executive positions.

The ISS unit of RickMetric Group, which made the recommendation, offers corporate governance advice to large shareholders.

Earlier, members of the Rockefeller family, whose ancestor founded the original company, called a press conference in New York requesting the split.

They also asked that the company consider alternative sources of energy.

John D. Rockefeller founded Standard Oil – a precursor to ExxonMobil – in 1870.

Fifteen descendants of the oil baron are involved in four shareholder resolutions to effect the changes, according to Reuters.

While the company does not want to split the positions, today’s announcement by ISS was met favourably by Rockefeller family members.

It is unclear how many ExxonMobil shares the Rockefeller family controls, but the ISS report said that the Rockefeller family still owns a substantial, but undisclosed, minority stake in the company.

The company’s shareholders meeting is on 28 May.

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09 May 2008 15:52 GMT  | last updated: 10 May 2008 13:03 GMT