RALEIGH - With Americans having completed one of the costliest weekends ever on the road and at the gas pump, State Treasurer Richard Moore is challenging CEO pay at the nation's oil companies. Moore announced today that the North Carolina Retirement Systems' will withhold its votes for five Exxon Mobil director nominees, all of whom served on the compensation committee over the last five years, at tomorrow's annual meeting. Moore said he hoped the move would be a wake-up call for oil company directors who continue to reward executives for massive profits generated by climbing oil and gas prices.

"As shareholders, we are outraged that executives are using soaring gas prices, which are hitting consumers at the pump, to fatten their own wallets," Moore said. "These profits are being generated not through superior decision making but rather through forces outside the CEOs control. As an owner of the company, we would like to fire these directors for not doing their jobs and giving away our money. The excessive pay packages, like that seen at Exxon Mobil, diminish shareholder value and are evidence of policies that fail to generate long term value for shareholders."

In the face of record gas prices, Exxon Mobil recently announced profits of $8 billion in the first quarter of 2006. That translates to 9.5 cents for every $1 of oil and gasoline sold. Former CEO Lee Raymond was awarded a $400 million pay and retirement package when he retired in December. The package, combined with compensation received over the course of his 13 years as CEO, amounts to approximately $686 million or $144,573 per day.

The five nominees - Michael Boskin, James Houghton, William Howell, Reatha King and Henry McKinnell - have served as members of the compensation committee over the last five years and, therefore, should have taken steps to rein in Raymond's high pay and retirement package. The members of the compensation committee have the responsibility of reviewing all aspects of the compensation program for the company's executive officers.

The North Carolina Retirement Systems holds nearly 11 million shares of Exxon Mobil worth $662.6 million. It is the single largest holding in the public equity fund, accounting for 1.6 percent of the equity composite.

Over the Memorial Day weekend, AAA estimates that 37.6 million Americans traveled more than 50 miles, including 807,500 motorists who traveled the highways in North Carolina. Those motorists faced record gas prices - an average retail price of $2.93 a gallon, up 36 percent from a year ago.