Exxon shareholders get mad

Facts matter: Sign up for the free Mother Jones Daily newsletter. Support our nonprofit reporting. Subscribe to our print magazine.


As reported in today’s Guardian, criticism of Exxon Mobil continued today as insurance giant CIS protested the re-appointment of Exxon’s boss, Lee Raymond. CIS, which owns $25 million worth of Exxon shares, takes issue with the company’s handling of climate change, arguing that Raymond has not only guided Exxon to downplay the significance of global warming, but has also lobbied the U.S. Government against signing the Kyoto treaty.

Meanwhile, Social investment group Claris Consulting has also claimed that unlike some of its competitors, including BP and Shell, Exxon doesn’t factor in carbon trading in its financial decision making, which may put it at a competitive disadvantage if carbon-trading programs around the world start taking off. Nor, say other critics, does Exxon disclose greenhouse risks to its investors, as many of its competitors do.

According to the Financial Times, at a shareholder meeting on Wednesday, Raymond dismissed efforts to press the board to make data relevant to Exxon’s position on climate change available, as well as to report on how Exxon plans to meet reduction targets in those countries in which it operates where Kyoto has been adopted.

Shareholders proceeded to berate him for relying on “junk science” to support his position on climate change. His response? “Frankly, I think this company is a leader in climate science.”

THE TRUTH...

is the first thing despots go after. An unwavering commitment to it is probably what draws you to Mother Jones' journalism. And as we're seeing in the US and the world around, authoritarians seek to poison the discourse and the way we relate to each other because they can't stand people coming together around a shared sense of the truth—it's a huge threat to them.

Which is also a pretty great way to describe Mother Jones' mission: People coming together around the truth to hold power accountable.

And right now, we need to raise about $400,000 from our online readers over the next two months to hit our annual goal and make good on that mission. Read more about the information war we find ourselves in and how people-powered, independent reporting can and must rise to the challenge—and please support our team's truth-telling journalism with a donation if you can right now.

payment methods

THE TRUTH...

is the first thing despots go after. An unwavering commitment to it is probably what draws you to Mother Jones' journalism. And as we're seeing in the US and the world around, authoritarians seek to poison the discourse and the way we relate to each other because they can't stand people coming together around a shared sense of the truth—it's a huge threat to them.

Which is also a pretty great way to describe Mother Jones' mission: People coming together around the truth to hold power accountable.

And right now, we need to raise about $400,000 from our online readers over the next two months to hit our annual goal and make good on that mission. Read more about the information war we find ourselves in and how people-powered, independent reporting can and must rise to the challenge—and please support our team's truth-telling journalism with a donation if you can right now.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate