States, Pension Funds and Institutions Going after Exxon Mobil
by Lloyd Alter, Toronto on 06. 9.06
It is probably a good thing that Exxon-Mobil past Prez Lee Raymond took the money and ran, because State Treasurers, pension funds and major institutional investors are coming after them. Together they own 85 million shares worth $5.6 billion and they want a meeting. Connecticut State Treasurer Denise L. Nappier, said: “ExxonMobil is making a massive bet—with shareholders' money—that the world’s addiction to oil will not abate for decades, even as its competitors are taking significant steps to prepare for a rapidly changing energy environment. As investors, we are concerned that ExxonMobil is not sufficiently preparing for ‘tomorrow’s energy’ and runs the risk of lagging significantly behind its rivals. As shareholders, we need to meet with the ExxonMobil board directly, to learn how it plans to safeguard long-term shareholder value in light of the serious challenges – and opportunities - presented by climate change.” The rest of us who drive should continue to drive right by Exxon/Mobil or Esso. ::PDF of Press Release
Now that new Exxon Mobil CEO Rex Tillerson has taken over from hardliner Lee Raymond, the oil company has been trying to change its image to a kinder, gentler outfit, one that’s prepared to acknowledge there is such a thing as climate change. But after shrugging off environmentalists at his first annual meeting, and refusing to discuss global warming with pension funds, Tillerson has shown that it’s the same Exxon Mobil. In contrast with the rest of corporate America which is now worried about global warming. Read all about it at:
http://www.soxfirst.com/50226711/exxon_mobil_no_switch_on_climate_change.php
That is an effective argument, I'm happy to see it.