Three Environmental Initiatives Crushed At ExxonMobil Shareholder Meeting

[hatrack]

"Shareholders of Exxon Mobil Corp., the world's largest publicly traded oil producer, voted down resolutions calling on the company to take steps toward reducing emissions linked to global warming.

All three environmental initiatives on the ballot at Exxon Mobil's annual meeting yesterday in Dallas received less than 30-per-cent support, according to preliminary results released by the company.

Two of the proposals were made by shareholder Christian Brothers Investment Services Inc., which wanted Exxon Mobil to estimate the investment needed to curb climate change associated with use of petroleum-based fuels. Christian Brothers also called on Exxon Mobil to explain any reservations its scientists have with climate-change findings by an international panel.

EDIT

The third environmental proposal was made by Milwaukee-based Province of St. Joseph of the Capuchin Order, which called on Exxon Mobil to compile a report outlining how the company plans to comply with new emissions limits in countries that have adopted the Kyoto Protocol."

EDIT

http://www.theglobeandmail.com/servlet/ArticleNews/TPStory/LAC/20050526/RTICKMAIN26/TPInternational/TopStories

[phantom power]

1. I'm a bit confused.

Exxon-Mobile produces oil. They don't control how it's used, do they?

[cprise]

4. Refineries are large CO2 emitters.

Also, there is the political influence Exxon wields to hamper environmental regulation.

[Maestro]

2. Doesn't surpirse me a bit.

I recently read an interview the CEO of Exxon-Mobil. He basically said they are going to find and produce even more barrels of oil in the future and they aren't going to waste their time on altervative fuels because the infrastructure and cost/production ratios are just too high. *uck the planet! All hail the mighty dollar!!!!!!!!!!!! :banghead:

[Kolesar]

3. Well, I think the point is to generate some headlines and publicity

Those initiatives did not have a chance, but it did bring some attention to the issue.

[Squeech]

5. Exactly

Your typical shareholder resolution proposal usually polls less than 10% of the voting shares, if management opposes it. 30% is awesome.