If you'd said a hundred years ago that the offspring of John D. Rockefeller would lead the charge for improved corporate governance, social responsibility, and an end to energy dependence and global warming, a lot of people would have laughed. But Neva Rockefeller Goodwin and Peter O'Neill, descendants of John D. Rockefeller, are pushing for change at Exxon Mobil (NYSE: XOM).
Three resolutions supported by the family have no chance of passing, according to the New York Times. One asks Exxon Mobil to study the impact of global warming on poor countries and another asks it to reduce its emissions. A third would encourage it to spend more money on research into renewable energy sources.
The resolution most likely to pass seeks to separate the role of chairman and CEO, stripping imperial executive Rex Tillerson of a chunk of his power. (To get an idea of how he runs the company from a corporate governance perspective, check out Robert Monks' book Corpocracy. )The Economist describes Exxon's annual meeting as "a vigorous exercise in doing the minimum required by the law." The Rockefeller's and others are looking to change that.
Operationally, the change would probably have no impact on the company's strategy or value. But in the long run, good corporate governance and stewardship of shareholder assets can be key contributors to total return.
Rockefellers keep pushing for change at Exxon Mobil
Posted May 27th 2008 3:50PM by Zac Bissonnette
Filed under: Exxon Mobil (XOM)
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Reader Comments (Page 1 of 1)
5-27-2008 @ 4:43PM
Steve in Denver said...
I would honestly think that people with the kind of money and access to advice that these 2 nutcases have would be better informed and more knowledgable about this global warming hoax; or at least be worldly enough to know to keep their debilitations private.
5-27-2008 @ 11:51PM
Ivona Vujica said...
Abolition of King Coal and Coal-Fired Plants Everywhere - No Nukes! No Uranium Mining!
See the truth about Rockefellers and King coal !
Stop the Global Warming Machines!
Stop the Coming Genocides - Food/Water/Energy Chaos!
Divest from King coal
Weekly Vigil - presently June 1, 2008
Sundays Noon-1pm
Ottawa, Ontario - Canada
U.S. Embassy
490 Sussex Dr.
Paradigm Shift Environmental Alliance
psea4earth@gmail.com
Please see the following links or google “abolition of coal”
http://quebec.indymedia.org/en/node/28427