ExxonMobil, Explain Yourself | Green Energy News

May 9, 2004 – Vol.9 No.7

EXXONMOBIL, EXPLAIN YOURSELF.

The consumption of fuels derived from crude oil - the primary products that ExxonMobil sells - is considered by most experts to be one of the causes of global warming and climate change. But while other major companies which sell products that are causing the problem have developed strategies to deal with it - car manufacturers are pursuing fuel cells or hybrid cars, other large oil companies are pursuing renewable energies - ExxonMobil has taken little action.

Shareholders in the past have tried to force the company to take action, to develop business strategies to cope with the problem, but have been ignored by company management.

Now a group of shareholders are taking a different approach. They want to know specifically why the company won’t act. Please explain, ExxonMobil management, why won’t you do something? And by the way, please back up claims that support your inaction with appropriate research material.

The Christian Brothers Investment Services (CBIS) and other members of the Interfaith Center on Corporate Responsibility (ICCR), with the approval of the U.S. Securities and Exchange Commission, will have a resolution printed on the ExxonMobil proxy ballot that will request this information.

That resolution urges ExxonMobil to release information that 1) describes the basis for company claims about “gaps in climate science;” 2) contrasts the estimated costs of mitigating climate change to the costs of failing to do so; 3) explains the specific differences between the company’s position and that of the Intergovernmental Panel on Climate Change; and 4) outlines all relevant peer-reviewed research data leading to the company’s minority viewpoint on climate change science.

As investors CBIS and others are concerned that the company will miss out on business opportunities in clean or renewable energy by not embracing them now. Foot dragging now, they say, will mean lost profit opportunities in the future. The shareholders hope that the resolution will come to the attention of institutional investors.

ExxonMobil has taken some action, according to the company’s website. It has reduced emissions at its refining facilities by making them more efficient, has been exploring fuel cell and hydrogen technologies and is a founding partner in the $100 million Global Climate and Energy Project at Stanford University.

Christian Brothers Investment Services (CBIS) manages approximately $3.5 billion and combines faith and finance in the responsible stewardship of Catholic financial assets.

For a copy of the CBIS proxy resolution click http://www.cbisonline.com/sri/actions.asp?type=both&id=59, Visit ExxonMobil at http://www.exxonmobil.com/ , the Global Climate and Energy Project at http://gcep.stanford.edu/ .