01:34 PM EDT, 09/15/2025 (MT Newswires) -- (Updates with additional details of SEC letter in the fifth and sixth paragraphs.)

Exxon Mobil ( XOM ) plans to introduce a mechanism allowing retail investors to cast shareholder ballots automatically in line with board recommendations.

Retail investors hold almost 40% of shares, and "we don't hear from 75% of them during proxy season," Exxon said Monday in a statement. "Activist groups often exploit this gap to push political goals at the expense of shareholder value."

"Retail investors will still receive proxy materials, retain the right to opt out of automatic voting at any time, free of charge, and have the right to override any votes cast on their behalf during proxy season that they disagree with," the company said.

The US Securities and Exchange Commission said in a letter on Monday that it would not object to the company's plan if it met certain conditions, such as issuing an annual reminder to retail shareholders who opt into the program.

The SEC also said in the no-action letter that the voting program will not be available to investment advisors who exercise voting authority over client securities.

The regulator also said the company must disclose the proposed voting program on its website and in its proxy statements.

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