Rockefellers Call for Exxon to Invest in Alternative Energy
By Elizabeth Souder, The Dallas Morning News
Apr. 30–A majority of members of the Rockefeller family called on Exxon Mobil Corp. to look beyond the oil and gas industry and invest in alternative energy.
Descendents of John D. Rockefeller, who founded Exxon predecessor company Standard Oil, held a press conference Wednesday to urge other shareholders to vote on a resolution to separate the jobs of chairman and chief executive. Family members said an independent chairman could push the giant Irving oil company into energy businesses other than traditional oil and natural gas.
The Rockefellers are the longest continuous shareholders of Exxon. Family members said they want to continue to own Exxon shares, but they’re concerned that the company will quickly fall behind its peers, who have been investing in biofuels, wind energy and other forms of energy that don’t contribute global warming.
“When you invest in a company like Exxon for generations, as my family does, as do many other individuals, you realize that the real story isn’t what the company does this quarter or last quarter. It’s whether or not the company will be doing as well on into the future,” said Neva Rockefeller Goodwin, great-granddaughter of John D. Rockefeller.
“The company is putting too little emphasis on the changing landscape,” she said.
Rockefeller family members sponsored or co-sponsored four shareholder resolutions this year. Shareholders may vote on the resolutions ahead of the shareholder meeting on May 28.
The resolution to separate the chairman and chief executive positions won 40 percent of the vote last year. But even if a majority of shareholders vote for a resolution, the board doesn’t have to follow it.
Rockefeller family members sponsored or co-sponsored four resolutions this year, including a request for the board to examine the likely consequences of climate change and to consider developing sustainable energy technologies.
The Exxon board recommends investors vote against the proposals.The decision to name top officials should reside with the board, which possesses “considerable experience and unique knowledge of the challenges and opportunities the company faces,” the company said in a proxy statement. Right now, the best structure is for Mr. Tillerson to hold both jobs, the proxy states.
As for examining climate change, the company said it already reports its position on climate change and the steps it is taking to reduce its greenhouse gas emissions in various publications.
Rockefeller family members said board members haven’t responded to their requests to meet, though the family has met with senior managers on a few occasions.
Peter O’Neill, great-great grandson of John. D. Rockefeller, emphasized he admires the current chairman and chief executive, Rex Tillerson.
“This is not about anything about Rex Tillerson. He is an amazing oil and gas manager. It’s not a personal thing. It’s a systemic thing,” he said.
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