Getting ExxonMobil's Attention on Climate Change
Shareholders concerned about climate change made a strong showing at the
ExxonMobil annual meeting with nearly a third voting in favor of a resolution
offered by a group
of nuns from New Jersey. The measure would have required the company to
reduce greenhouse gas emissions from both its products and operations and report
back to shareholders about the progress.
I was impressed to see some big institutional investors like California's
retirement system, CalPERS and even Stanford University voting
against Exxon's myopic management in favor of the nuns' proposal.
What's the next step? As I outlined
on OilWatchdog it's time for the D word - divestiture. All those investors --
and any of you folks who own ExxonMobil stock -- should sell those shares.
Some people think divestiture should be reserved for bad corporate
performance. I agree. What could be more of a performance issue than a
management refusing to face environmental reality while competitors are publicly
taking action? Everybody remember General Motors?
Fellow OilWatchdog blogger Judy Dugan reveals
a chart that makes clear once and for all why the industry isn't
competitive, and outlines Chevron's biodiesel
greenwash.
You should also check out her "great
debate" with an oil industry defender in the Los Angeles Times' online
Opinion section Dust-Up feature.