SEC division recommends no action on Exxon retail voting program

The SEC’s Division of Corporation Finance said it will not recommend enforcement action to the Commission regarding Exxon Mobil’s (XOM) proposed retail voting program. The program is the company’s attempt to limit shareholder activism. The voting program “would be available to all retail investors, including any registered owner or beneficial owner of ExxonMobil’s shares at no cost, and each would be offered the same opportunity to enroll in the program,” the SEC said to Exxon in a letter.