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ExxonMobil asked to stay out of Arctic National Wildlife Refuge by shareholder group Press Release May 25, 2005 The year's resolution comes amidst ongoing efforts by the Bush Administration and their allies in Congress to open the Arctic Refuge through the federal budget process, a backdoor maneuver that prevents Arctic supporters from using the filibuster to block the controversial legislation. Despite the 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. "It's quite clear that Exxon simply does not get it when it comes to good and responsible environmental policies, and the company's funding of the pro-Arctic Refuge drilling lobby group Arctic power is a perfect example of how far out of the mainstream the company is within the industry," said U.S. PIRG's Justin Tatham. This year's 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 Arctic Refuge and to convince the major oil companies operating on Alaska's North Slope – BP, ConocoPhillips, Chevron, and ExxonMobil – to abandon any plans to drill there. While the groups are calling on ExxonMobil to stay out of the Arctic Refuge and improve policies on operations in protected areas, the resolution specifically calls on the company to prepare a report for shareholders that would examine the potential risks involved in operating in sensitive and protected areas worldwide. "As investors, we believe it is critical for companies – especially oil companies – to not only recognize the risks related to exploration and operations in protected areas, but to act upon those risks in a manner that protects the environment and shareholder value," said Michael Leone of Green Century Capital Management. "ExxonMobil is ultimately falling behind on this issue while other oil companies are moving ahead." "The fact that ExxonMobil remains so far outside the mainstream on environmental issues has given me reason to join this year's effort," said David Cunningham, an individual investor affiliated with Clean Yield Asset Management. "Most people don't want to see drilling take place in the Arctic Refuge, and I'm just trying to do something to prevent it from happening." 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. Clean Yield Asset Management is an SEC-registered investment and advisory firm working exclusively with social investors. 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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