ExxonMobil asked to stay out of Arctic National Wildlife Refuge by shareholder group
Press Release
May 25, 2005
Green Century Capital Management, U.S. PIRG Education Fund, and Clean
Yield Asset Management will be attending the ExxonMobil shareholder
meeting later this week in an effort to convince the company to stay
out of the Arctic National Wildlife Refuge and to improve company
policies on operations in other protected and sensitive areas
worldwide. The groups have filed a shareholder resolution with the
company on this topic and ExxonMobil shareholders will vote on the
proposal at Wednesday’s annual meeting.
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.”
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In response to recent U.S. PIRG Education Fund sponsored shareholder
resolutions, BP has increased its transparency, moved forward with
efforts to protect biodiversity, and taken new steps to mitigate
operational impacts in protected and sensitive areas. In late 2003,
Royal Dutch/Shell established a new policy aimed at reducing company
impacts on protected areas when it took a stance against new
exploration projects in designated World Heritage sites. The groups
also cite a February 2004 report by ISIS Asset Management now F&C
which evaluated extractive industries’ efforts to protect
biodiversity, placed ExxonMobil in the “On the Starting Line” category
along with China Petroleum and Total.
“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