Posts tagged with: EXXON MOBIL CORPORATION

Shareholders

All eyes seem to be directed toward Rome last week as the Pope weighed in on climate change. As anticipated, there has already been a lot of spinning by the whirling dervishes of the zealous variety– doubling down on their over-the-top, pre-release spin.

Yes, it’s a given both sides of the climate-change debate are spinning, but as your writer is on the skeptical end of the spectrum it seems the other end is receiving the majority of media coverage. Skeptics? We’re castigated as “deniers,” “Republicans,” and, of course, “anti-science.” Ouch! No worries, however, as we skeptics have grown accustomed to ad hominem attacks, not to mention pseudo-science, false claims of a scientific consensus agreeing on human-caused global warming, and accusations we’re performing the bidding of Faux News. Hoo boy, as Boris Badenov used to say.

Allow me a bit of schadenfreude when I report the consistent defeat of so-called religious-based shareholder activism deployed against oil and gas companies – on which more below. I take pleasure in these persistent defeats not because I dislike my loyal opposition as much as they dislike skeptics but because I’m convinced the best way to lift the poor from poverty and incumbent disease, hunger and illness is cheap and readily available fuels. It’s not about winning an argument from my point of view inasmuch it’s about enabling the world’s poorest to attain self-sufficiency, health, and comfort – mostly because I recognize the world’s poverty has been halved in the past 20 years, largely due to affordable fuels.

And yet… Elizabeth Douglass at InsideClimate News reports religious shareholders are persistent in their failed efforts to deep-six economically the companies in which they invest. Douglass trots out the usual suspects: Timothy Smith of Boston-based Walden Asset Management; Sister Patricia Daly of the Roman Catholic Sisters of St. Dominic of Caldwell, N.J.; and Rev. Michael Crosby from the Province of St. Joseph of the Capuchin Order in Milwaukee. Daly and Crosby, notes Douglass, “have worked together for years as active participants in the Interfaith Center on Corporate Responsibility (ICCR), a New York group whose members manage more than $100 billion in assets.” Douglass continues:

For the past few years, several climate resolutions at Exxon have won more than a quarter of the shareholder vote, and sometimes nearly a third. The vote count reached a remarkable level of backing for proposals opposed by management, according to Heidi Welsh, executive director at the Sustainable Investments Institute, a Maryland-based nonprofit that provides impartial analysis of social and environmental policy shareholder resolutions.

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Screen-Shot-2014-12-16-at-4.09.38-PMIt could be argued that Exxon is actually an energy company, but it’s still an energy company that knows where its bread is buttered. Oil and gas is the winning game for this company, not solar.

Thus wrote Jeff Siegel this week on the Energy & Capital website. Siegel was referring to Exxon Mobil Corporation’s thumping of shareholder resolutions by As You Sow, the Interfaith Center for Corporate Responsibility and other religious groups intended to push ExxonMobil into naming an environmental scientist to the board and issue a report on the environmental impact of the company’s hyraulic-fracturing operations. Another study to be pitched on the growing pile of fracking reports issued regularly by industry and regulators?

Siegel is as clearheaded a liberal writer as I’ve come across on these matters. He writes:

Again, I don’t see the benefit here for shareholders.

Those who oppose fracking have plenty of this data, anyway. So to mandate such a report seems like a waste of time, particularly if the report indicates no negative side effects. You think anyone who opposes fracking would believe anything included in that report?

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The nuns who taught environmental science at the high school your writer attended would preface discussion of natural disasters as “acts of God.” Apparently much has changed in the past few decades as Sr. Patricia Daly, OP, is declaring recent hurricanes and tornadoes the result of greenhouse gases. In other words: “acts of Exxon.”

Daly, a member of the Sisters of St. Dominic of Caldwell, N.J., is the spokesperson for her order, which is among several groups that submitted proxy shareholder resolutions to ExxonMobil Corp. to adopt greenhouse gas reduction goals.

The resolution failed, but that didn’t prevent Daly from a parting shot in The Washington Post: “‘I had to evacuate a lot of old nuns because of Superstorm Sandy,’ Daly said. She said that with rising carbon dioxide levels in the atmosphere, ‘we’re in desperate territory right now.’”

One is tempted to roll one’s eyes and exclaim, “Oh, brother!” Or, more appropriately in this instance, “Oh, Sister!”
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