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Exxon CEO's Big Retirement Package Enraged Investors

The investors approved a resolution that says directors should be chosen by a majority vote

US oil and gas giant Exxon Mobil's investors have defied the oil company's board and approved a resolution that says directors should be chosen by a majority vote, BBC reported.

The non-binding vote came at Exxon's annual shareholders' meeting in Dallas.

It represents a victory for investors angered by the retirement package of ex-chairman and chief executive Lee Raymond - the former boss is getting a golden goodbye worth close to $400m.

As well as investors, the deal's size also has enraged environmentalists.

Shareholders complain it represents Exxon's culture of overspending, while green campaigners see Mr Raymond as a man who actively blocked their plans.

At the meeting on Wednesday, shareholders failed to approve other motions proposed by activists that would have limited salary levels, put increased focus on green issues, and dealt with discrimination.