Exxon Mobil Shareholders Want a Greener Future
May 21, 2008 by Allison Boyer
Filed under Business
With fuel prices continuing to raise, the entire industry is on edge. At Exxon Mobil, more and more shareholders are calling for a revision in the company’s leadership. According to Sustainable Business (via The Guardian),
“Exxon is facing a rebellion from its investors over its hardline approach to global warming. The firm has refused to follow rival oil companies in committing large-scale capital investment to environmentally friendly technology such as wind and solar power.”
Exxon Mobil is controlled by descendants of John D. Rockefeller, and the basis of the shareholder demands is that they want the chairman and CEO roles split between two people. They hope that this split will allow the company to make better decisions, especially on the environmental front.
Shareholders will vote on this proposal on May 28. Currently, Rex Tillerson (see picture at left) is both chairman and CEO, and the board supports that decision, but maybe it really is time to bring in a fresh face, because it seems as the the current board isn’t as concerned about sustainability as they should be.
What do you think? If you were a shareholder (and maybe you are), would you vote for the chair/CEO split or would you want them to remain as one position?
Picture via Newscom.
