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Shareholders target ExxonMobil climate change

Posted: 22 May 2003

Oil companies bear much of the responsibility for global warming, but ExxonMobil stands out in its refusal to acknowledge the problem and take any meaningful steps to address it.

ExxonMobil's competitors, including Royal Dutch Shell and BP, have acted to address climate change through means such as renewable energy development and emissions reductions goals.

Now, a shareholder resolution to be considered at ExxonMobil's May 28th annual meeting aims to make the company take similar steps.

"Consumers and shareholders alike are mounting an unprecedented push to get ExxonMobil to address its climate change impact," explains Alisa Gravitz, executive director of Co-op America, one of the groups supporting the resolution.

The resolution asks ExxonMobil to prepare a report "describing any operating, financial, and reputational risks to the company associated with climate change and explaining how the company will mitigate those risks."

"In refusing to address climate change, ExxonMobil is harming public health and endangering shareholder value - so both consumers and shareholders should have a voice in determining the company's policies toward this issue," says Gravitz.

Several influential investor groups, including Institutional Shareholder Services and the Connecticut Treasurer's Office, have voiced their support for the resolution.

Through its Shareholder Action Network, a joint project with the Social Investment Forum, Co-op America is also rallying concerned consumers to demand environmental responsibility from ExxonMobil.

Consumers and shareholders can urge ExxonMobil to address its climate change impact by visiting and sending letters to the company's management.

About Co-op America
Co-op America is the national nonprofit consumer, business, and investor organisation working to harness economic power — the strength of consumers, investors, businesses and the marketplace — to create a socially just and environmentally sustainable society.

Celebrating 20 years of service to people and the planet, Co-op America provides resources to consumers and businesses to help them choose sustainable consumption practices; shift their purchasing and investing to socially and environmentally responsible companies; and use their power as consumers, investors, and businesses to encourage America to change the way we do business to one that respects people and the planet.


Posted by Richard Price, Editor

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