Members of the Rockefeller family, descendants of the man who founded ExxonMobil forerunner Standard Oil, are calling for changes in governance and is urging the company to cut greenhouse gas emissions and look into renewable fuels in shareholder resolutions sponsored by the family. Exxon management opposes the resolutions.
The family “are concerned Exxon’s senior management has tunnel vision and is too absorbed with the challenges of daily management of multibillion dollar oil and natural-gas projects to ask hard questions about the future of fossil fuels. Mr. Tillerson and other Exxon executives have said they believe oil and gas will represent the vast majority of energy consumption for decades,” according to The Wall Street Journal.
Although the family does not own a controlling share of ExxonMobil, the Rockefellers symbolic introduction of these resolutions has gotten the attention of management and hope other shareholders will join them.
While the Rockefellers beat their breasts, most shareholders will continue to love the fat Exxon dividend.
Yet underlying the protest from the trust fund Rockers is a big problem for oil companies – their ever-increasing reliance on the support of governments and regulators.
Exxon’s riposte to the climate change and peak oil lobbies is that technology rather than regulation will provide answers to our energy problems.
It is a disingenuous argument because the energy industry is at the governments’ knees begging for help – big dollops of taxpayer cash to build experimental power stations.
Tip of the hat to Jack for this article.