NEW YORK (Reuters) - Members of the Rockefeller family are calling on Exxon Mobil Corp (XOM.N) to make corporate governance changes and adopt a
renewable fuels strategy to help address the soaring cost of energy.
ADVERTISEMENT
John D. Rockefeller founded the Standard Oil Co in 1870, which was a precursor to Exxon Mobil. Exxon Mobil is the world's largest publicly traded oil
company based on market capitalization, and is a favorite target of consumer advocate groups and politicians unhappy with record prices for oil and
gas and its effects on the environment.
Fifteen descendants of the oil baron are involved in four shareholder resolutions seeking changes at Exxon, including dividing the CEO and
chairmanship positions.
They also seek to establish a task force study of the consequences of global warning on poor economies, called on Exxon to reduce greenhouse gas
emission at its own operations and adopt a renewable energy policy.
Exxon is "profiting in the short term from investments and decisions made many years ago by focusing on the narrow path that ignores the rapidly
shifting energy landscape around the world, including developing nations," said Neva Rockefeller Goodwin, great granddaughter of John D.
Rockefeller.
Goodwin called on Exxon to reconnect with the forward-looking vision of her great grandfather.
"Kerosene was the alternative energy of its day when he realized it could replace whale oil. Part of John D. Rockefeller's genius was in recognizing
early the need and opportunity for a transition to a better, cheaper and cleaner fuel."
Exxon's annual meeting is scheduled for May 28
About Effen time! A family like the Rockefellers are the last people I would envision leading the charge for such a change, but kudos to them none
the less.
Oh ya, link...
Yahoo News
[edit on 30-4-2008 by Anonymous Avatar]