score 1 for the planet
May 19th 2008 02:55
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A shareholder revolt at ExxonMobil led by the billionaire Rockefeller family has won the support of four significant British institutional investors who will call on Monday for a shake-up in the governance of the world's biggest oil company.The Guardian has learned that F&C Asset Management, Morley Fund Management, the Co-Operative Insurance Society and the West Midlands Pension Fund are throwing their weight behind a resolution demanding that ExxonMobil appoints an independent chairman to stimulate debate on the company's board.
Exxon is facing a rebellion from its investors over its hardline approach to global warming. The firm has refused to follow rival oil companies in committing large-scale capital investment to environmentally friendly technology such as wind and solar power.
Exxon is facing a rebellion from its investors over its hardline approach to global warming. The firm has refused to follow rival oil companies in committing large-scale capital investment to environmentally friendly technology such as wind and solar power.
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This is a great sign of shareholders taking control and using their muscle to help the environment. Mind you not all corporations have someone as powerful as the Rockerfella's on the board but it just goes to show that shareholders can wield power if they want to to change unethical or inappropriate corporate behaivour. Those who have read my previous posts on the United Nations Principles for Responsible Investment will know this is how the signatories plan to change the way the world works, to excercise their powers as investors in the boardroom ,instead of being passive and letting companies they own stakes in ruining the environment, violating human rights or facilitating corruption.
This is the way forward in my view.Score: Planet not many, corporations who pillage it, A LOT.
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Comment by Mountain Fog
but....,
the Rockerfella family has hardly covered itself in glory regarding the enviroment, human rights and investing in the future health of the planet!!
In fact, they have had much written about them and their corporate dealings, and inferred accusations about extremely questionable research into the future threats facing the global commmunity, that I really cannot find myself wanting to throw a garden party to celebrate their sudden, and curious, attack of conscience!
It makes me think what is the real reason behind their ploy to rid Exxon of its leadership....told you I was cynical...and suspicious...however, I and the rest of the world's poor have been far too trusting in the past, and now look where we are!!
Let us hope this really is the start of a corporate conscience that is more than a veiled premeditated propaganda device, or subtefuge for other more nefarious reasons, on behalf of the big end greedy "players"!
cheers
fog
Comment by katyzzz
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Comment by Louie
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That is exactly what I am hoping, what else do Rockerfellers have to do other than care for the environment
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The thing is, if the Rockefellers are just doing this environmental bit to mask a proxy fight, at least they are anchoring it on something that is potentially good for all of us.
I am hoping though that an equally powerful force will take them to task should their brouhaha over Exxon's climate policy turn out to be a farce.
Its better than punishing the poor further by skyrocketing oil prices.
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Comment by Mountain Fog
The BIG question is...why?
Is this a precursor to another planned war I wonder?
The huge military build up on Guam finally got reported in the main press recently...
We live in interesting times!
fog
Comment by Louie
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Mt theory when the Oil price rose from $10 was China stockpiling, i wasn't wrong, but the US govt were too.
The US has "strategic reserves" more than likely they are raising them, could be some misguided Bush legacy. I guess the more China has the more they want and so it goes, till the music stops. Their average is probably still only about $50 so THEY can afford these prices, just not us poor souls at the pump. My car is in mothballs and I get the bus.
Comment by Mountain Fog
However, what I refer to is a double edged sword, where there are sings that war drums are being prepared but also, the big end of town 'gamblers' have been buying madly, so they can then sell out for bog profit, which they say will bring the price plummeting again.
Something is definitely afoot, but what exactly? This happened once before, in the late 70's early 80's I think, everyone went berko fearing it was the end of the oil supply, all that happened was, the oil companies made bigger profits!
Then the Arabs released more oil, and suddenly no more crisis. It is almost impossible to tell who is telling the truth or what is really happening in that area.
But, time will tell...
cheers
fog
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Gizmo Peek
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Thanks!
Now, how do I make a smiley icon that bows... (I wonder)
Comment by Louie
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