Corporate Responsibility | Green Energy News

May 5, 2002 – Vol.7 No.6

CORPORATE RESPONSIBILITY.

In theory, shareholders of corporations should have some say in the direction the business is taking. Shareholders, after all, own the business.

Some ExxonMobil shareholders are asking that corporation to change its attitude toward climate change (which has been both of opposition to any action, and a wait-and-see attitude) and begin to pursue actions that confront the global problem as well as help ExxonMobil’s business prospects in the future.

The shareholders, working together as Campaign ExxonMobil, have determined certain risks the company - and subsequently shareholders - could take by not changing the current corporate attitude. As detailed in a report created for Campaign ExxonMobil - Risking Shareholder Value? ExxonMobil and Climate Change: An Investigation of Unnecessary Risks and Missed Opportunities - the group is concerned that ExxonMobil will have its reputation damaged (which would hurt future revenues), would face litigation (if people look to blame them and other fossil fuel companies for climate change), would not be prepared for possible policy changes on greenhouse gas emissions (if governments begin to crack down in a major way on fossil fuel use) and would miss business opportunities in renewable energy and emissions trading (ExxonMobil competitors such as Shell are already pursuing renewables in a significant way).

To these points of risk, Campaign ExxonMobil has put together resolutions to be voted on at the annual corporate meeting on May 29. The resolutions will ask the company to seek business opportunities in renewables and to link executive compensation to social and environmental performance. The group will also press the company to create a climate change strategy, release internal corporate information on climate change, and determine the financial risks the company might incur regarding the problem.

Visit Campaign ExxonMobil at http://www.campaignexxonmobil.org/