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Shareholders ask ExxonMobil to produce report on risks of oil drilling in sensitive areas Eight Percent of ExxonMobil Shareholders Vote in Favor of Sensitive Areas Resolution Press Release May 25, 2005 ExxonMobil shareholders sent a clear message to the company today when 8.1 percent voted in favor of a shareholder resolution asking ExxonMobil to produce a report on environmental and business related risks of oil drilling in sensitive and protected areas worldwide, such as the Arctic National Wildlife Refuge. The U.S. PIRG Education Fund, Green Century Capital Management, and Clean Yield Asset Management organized the resolution. "Today shareholders made it clear that ExxonMobil should change its environmental policies," said Justin Tatham of U.S. PIRG. "Hopefully, ExxonMobil executives will learn from this vote that an oil company cannot promote responsible environmental policies while also funding groups like Arctic Power." CalPERS and CalSTRS, two of the largest pension funds in the country, also supported this year's resolution. The pension funds made their support for the resolution known to ExxonMobil in separate letters directed to company Chairman and CEO Lee Raymond. "As a trustee to two pension funds that hold more than 56 million shares, I am calling on ExxonMobil to carefully consider its next step in oil exploration in environmentally protected and sensitive areas," said California State Controller Steve Westly, who is an ex-officio member of both the CalPERS and CalSTRS boards. "It is important for oil companies to act responsibly and do everything possible to avoid damage to the environment." The shareholder resolution on protected and sensitive areas was filed as part of an ongoing campaign led by the U.S. PIRG Education Fund and Green Century Capital Management to protect the Arctic Refuge and to convince the major oil companies operating on Alaska's North Slope – BP, ConocoPhillips, ChevronTexaco, and ExxonMobil – to abandon any plans to drill there. Despite recent withdrawals of the three other major operators on Alaska's North Slope from Arctic Power, ExxonMobil remains the only major oil company still funding the pro-drilling lobby group. "Given the intensity of public support for the Arctic Refuge, ExxonMobil would risk a significant backlash if it decided to operate there," said Green Century's Michael Leone. "We believe that shareholders have a right to know why their company is risking shareholder value by publicly promoting a project that is opposed by a majority of Americans." The resolution specifically called for the company to prepare a report for shareholders examining the potential risks to shareholder value involved in operating in sensitive and protected areas worldwide. A similar resolution received 9 percent of a vote of ChevronTexaco shareholders in April 2005. U.S. PIRG is the national lobbying office for the state Public Interest Research Groups. PIRGs are nonpartisan, nonprofit environmental and consumer advocacy organizations that are active across the country. Green Century Capital Management (GCCM) is an environmental investing firm which focuses on environmentally progressive companies and uses shareholder advocacy to improve environmental responsibility. For Immediate Release: May 25, 2005 For More Information: Michael Leone – 617-426-5566 News index | RSS | News Feed Advertisements: Organic Apparel from Patagonia | Insect-repelling clothing |
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