2 Million non existing shares will vote on 21/9/16

[steve3752]

How many shareholders reallise that 2 Million + 60,000 votes in the upcoming Exxon Deal vote will be cast by non-share holders?

It seems that the RSU's AND the Options can vote.

This is directly in contrast to the best interests of the shareholders. Why?

Hows this for a scenario:

2 Million RSU's have been granted to IOC management. All thses will vote in favour of the deal, and if the deal passes then the RSU's are immediately converted to IOC shares and then Converted to XOM shares + CRP, and vested to the RSU holder.

This is 2 million incentives for management to vote to simply accept the deal without any impetus to push for a better deal.

Where did these 2 Million RSU's come from? Well the shareholders gifted them to the BOD and the IOC manamgent at the AGM.

Why have there been no Form13D's filed for this batch of 2 million shares? Because as RSU's that are unvested, they are not required to be declared. They are declared on vesting, however since that will happen after the transaction, there will be no point in the declaration because the deed will have been done.

So it is quite possible that by gifting the management with 2,000,000 shares, the outcome of this vote was gifted in the same moment.

Seems to me that the shareholders have been done yet another disservice, and it seems to me that many of the shareholders are happy for it.

The upshot of all this is that 2,0060,000 votes cast will be by non-shares. The entire outcome could be swayed by people that are NOT invested in IOC. How is that for a fitting end?

You cannot make this stuff up!

. We need to collect all of these thefts in a "CEO's Guide and Best Tested Practices to Rip Off Shareholders".  Sales of might cover a good bit of our losses.