A Corporate Vote For Renewables

May 26, 2002 – Vol.7 No.9

A CORPORATE VOTE FOR RENEWABLES.

When a significant portion of shareholders of one of the world’s largest corporation speaks people should listen. At the annual meeting of ExxonMobil stockholders 20.3 percent have voted in favor of a resolution to urge directors to promote and develop renewable energy as part of the corporation’s energy mix. The vote, which represented $55 billion in company stock requested the ExxonMobil board to prepare a report by September 1 as to how the company will pursue renewables.

Though shareholder resolutions aren’t binding (company management doesn’t have to do what the owners want) nor did the vote represent a majority of shareholders, the vote is leverage for shareholders who want a change in attitude at the company towards renewable energy and global warming. Company management has resisted doing anything about either.

The vote also proves that the number of shareholders concerned is increasing dramatically. Last year, when the same resolution was presented, only 8.9 present voted in favor. Concern has more than doubled in a year. Visit Campaign ExxonMobil at http://www.campaignexxonmobil.org/ .