Shareholder resolutions haven’t worked, so after the U.S. Supreme Court’s ruling striking down the Defense of Marriage Act, New York state Comptroller Thomas DiNapoli is trying a new tactic to force the ExxonMobil to adopt an LGBT-inclusive nondiscrimination policy.
In the past, DiNapoli has filed shareholder resolutions with ExxonMobil. As the sole trustee of the state’s $160 billion pension fund, he has some clout among many companies whose stock is in the fund. He has successfully negotiated changes in policies at about 30 of them.
As head of the pension fund, he uses the business argument. If ExxonMobil discriminates by not offering benefits to same-sex married couples, while Shell, Chevron and BP offer the benefits, then the company is shrinking its employee pool and hurting the value of the stock the state owns. New York controls more than $1 billion in ExxonMobil stock.