Rex Tillerson, chairman and CEO of Irving-based Exxon Mobil Corp., received a 15 percent pay raise in 2012 as his total compensation rose to $40.3 million, the company said in a regulatory filing Friday. Tillerson’s pay package was only partly cash: a salary of $2.57 million, a $4.59 million bonus, and $447,425 in other compensation. The biggest element was $19.6 million in restricted stock, half of which vests in five years and half in 10 years or until retirement, whichever is later, according to the disclosure, called a proxy filing.
Another large element was a $13 million increase in the present value of Tillerson’s pension. An increase in the interest rate used to calculate a lump sum payout of his pension accounted for about half the increase, and the past year’s gains in his salary, bonus and tenure at the company account for the rest. As of the end of 2012, Tillerson held rights to nearly 1.6 million Exxon shares that had not yet vested, worth $136 million at the time.
There are eight shareholder proposals that will be voted upon at the company’s annual meeting, set for May 29 in Dallas. Among the proposals are calls to split the company’s chairmanship and CEO positions, to disclose lobbying activities and political contributions, and to expressly prohibit hiring discrimination based on sexual orientation. Proposals also call for additional measures to measure the risks of natural gas development and to reduce the company’s greenhouse gas emissions. The company said it opposed all those measures.
-- Jim Fuquay