I used to have to live under the same silly coding standard. Eventually I was able to convince the rest of the team, except the one guy who had the power to make such decisions, that we were being really silly. We *were* linking to the standard library so any supposed benefit of not using exceptions was lost (and I don't buy the supposed benefits either). Eventually that guy quit; best thing to ever happen to us actually.
But then, he had a big issue with third party libs too so using boost was even out of the question at the time.
My advice would be to try your best to convince your team leader that compiling with that switch is possibly not the best idea in the world. If you can't convince them, maybe you can outlast them and eventually make positive changes for your employer.
There seem to be plenty of rather stupid people, which have a problem with exception handling.