ExxonMobil shareholders vote down green proposals
Thursday 28 May 2009
Descendants of John D Rockefeller, the oil magnate whose Standard Oil made him the richest man in history at the turn of the 19th-century, pressed the modern-day ExxonMobil to focus on the impact of climate change and change its focus to renewable energies.
For the second year in a row, members of the Rockefeller family attended the annual ExxonMobil shareholder meeting in Dallas, Texas, yesterday to warn that the company will not survive if it does not lift its sights beyond fossil fuels.
But Rex Tillerson, the chairman and chief executive, told them that oil and gas will continue to be world's dominant fuels, meeting nearly two-thirds of global energy needs until at least 2030, and shareholders voted down a slew of proposals aimed at making Exxon focus more heavily on green issues.
Shareholders who attended the meeting at the massive Meyerson Symphony Hall were not greeted by any environmental protesters, a first in many years at a company whose previous chief executive, Lee Raymond, was dubbed the "Darth Vader of global warming" by activists because Exxon used to sponsor groups who denied climate change was caused by human activity.
Mr Tillerson said the company was already investing in research into the causes and the possible effects of climate change, which he said Exxon viewed as "a serious risk-management issue".
Ann Rockefeller Roberts, a descendant of John D Rockefeller, warned unless the company increased its focus on renewable energy, it would eventually suffer financially.
Stephen Viederman, proposing a resolution that would urge management to put more focus on renewable fuels, said: "Exxon is very profitable now, but ill-prepared for sustaining value in the future. Energy challenges for the future have lead times of decades, not years, but Exxon has the entrenched mindset of an oil and gas company. Unlike its major competitors, Exxon has neither a policy nor plan of action, nor significant investment in renewable energy, which will play a larger role in the future than its scenarios project."
All the shareholder resolutions went down to defeat, including one which would have separated the roles of chairman and chief executive, a move many campaigners hoped could have helped install a more green-focused chairman above Mr Tillerson.
Chevron also held its annual meeting yesterday, where shareholders rejected a call for an environmental protection report on its global operations. The company is battling a $27bn legal claim over jungle pollution in Ecuador.
- 1 Hilary Mantel 'should be investigated by police' over Margaret Thatcher assassination story, says Lord Bell
- 2 Rihanna 'nude pictures' claims emerge on 4Chan as hacking scandal continues
- 3 Kim Kardashian 'nude photos' leaked on 4chan weeks after Jennifer Lawrence scandal
- 4 'F*ck it, I quit': KTVA reporter Charlo Greene quits live on air in spectacular fashion
- 5 Hitler’s former food taster reveals the horrors of the Wolf’s Lair
Rihanna 'nude pictures' claims emerge on 4Chan as hacking scandal continues
Kim Kardashian 'nude photos' leaked on 4chan weeks after Jennifer Lawrence scandal
'F*ck it, I quit': KTVA reporter Charlo Greene quits live on air in spectacular fashion
Jennifer Lawrence: Leaked 4Chan sex video branded 'fake' by users
Jennifer Lawrence 'naked sex video' will be leaked next, threatens 4Chan celebrity photo hacker
Scotland could still declare independence – even without referendum, says Alex Salmond
Scottish referendum results: Cross-party consensus collapses amid Tory-Labour spat on the 'English question'
Hilary Mantel 'should be investigated by police' over Margaret Thatcher assassination story, says Lord Bell
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Plebgate MP Andrew Mitchell called officer a 'little s**t', claim court documents 'exposing ex-Chief Whip's 'record of abusing police'
Archbishop of Canterbury admits doubts about existence of God
iJobs Money & Business
£65000 Per Annum Benefits + bonus: Clearwater People Solutions Ltd: If you are...
£20000 - £25000 per annum + OTE £40,000: SThree: SThree are a global FTSE 250 ...
£20000 - £25000 per annum + OTE £40000: SThree: As a Recruitment Consultant, y...
£20000 - £25000 per annum + OTE £40,000: SThree: SThree Group have been well e...