Rockefellers call for change at Exxon Mobil By Sequoia Published: April 30, 2008 Email
Rockefellers call for change at Exxon Mobil
NEW YORK (Reuters) - Members of the Rockefeller family are calling on Exxon Mobil Corp to make corporate governance changes and adopt a renewable fuels strategy to help address the soaring cost of energy.
John D. Rockefeller founded the Standard Oil Co in 1870, which was a precursor to Exxon Mobil. Exxon Mobil is the world's largest publicly traded oil company based on market capitalization, and is a favorite target of consumer advocate groups and politicians unhappy with record prices for oil and gas and its effects on the environment.
Fifteen descendants of the oil baron are involved in four shareholder resolutions seeking changes at Exxon, including dividing the CEO and chairmanship positions.
They also seek to establish a task force study of the consequences of global warning on poor economies, called on Exxon to reduce greenhouse gas emission at its own operations and adopt a renewable energy policy.
