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11

ExxonMobil Shareholders Support Climate Change

ExxonMobil shareholders last night backed the group in spite of a media campaign by high-profile investors...

ExxonMobil shareholders last night backed the group in spite of a media campaign by high-profile investors disappointed by the group's policies on climate change, Financial Times reported.

At a shareholder meeting at the world's biggest listed oil group, investors supported Exxon's call to re-elect Michael Boskin, chairman of the board's Public Issues Committee, whom US and European institutional investors had accused, in the run-up to the meeting, of leading company "inaction" on climate change
F&C Management led the charge, accusing Mr Boskin of repeated refusals to hold a meeting - a charge countered by Exxon, which said it had responded in writing to each request and held a day-long meeting with those investors to discuss its climate change policies.

The investors had pledged to support several shareholder resolutions on climate change, including forcing Exxon to set targets on reducing greenhouse gas emissions; publishing at the pump how much in emissions is generated by its petrol; and increasing supplies from renewable energy sources. Each resolution failed yesterday.

Rex Tillerson, Exxon's chief executive, said thatthe group was not against climate change policies butit wanted to debate themfirst, given the massive impact some could have on the world.

"Let me assure you, we never set out for the company to be public enemy number one,'' he said.

"What I find perplexingis why people feel sothreatened by the fact that we want to have a discussion about it," Mr Tillerson said.