Exxon not into climate change talk
Exxon Mobil shareholders are holding their annual meeting in Dallas today, where some will push for a focus on climate change. But some shareholders think they should only concentrate on making money. Jeff Tyler has more.
Sign from an Exxon station (David McNew/Getty Images)
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TEXT OF STORY
Scott Jagow: Exxon Mobil holds its annual shareholders meeting in Dallas today. It'd great fun to be a fly on the wall. Descendants of company founder John D. Rockefeller will push for the company to focus on climate change. Other shareholders want Exxon to do nothing of the sort. Marketplace's Jeff Tyler reports.
Jeff Tyler: The first of 17 shareholder proposals takes aim at anyone who wants Exxon to do anything but make money.
Steve Milloy: It is not a charity. It is a business.
That's Steve Milloy with the Free Enterprise Action Fund:
Milloy: The purpose of Exxon is to create wealth for society. It's one of our society's premier wealth-creation machines.
Milloy points to Exxon's high stock price and its healthy dividends as examples of what the company should do. He says addressing global warming should not be on the company's agenda.
Milloy: Investing has become politicized. As various social and political activists have had a hard time getting their agendas through Congress, they've decided to hijack American corporations.
To fight back, Milloy wants to put a muzzle on so-called "activists." His proposal would prevent shareholder advisory resolutions at Exxon's annual meetings.
I'm Jeff Tyler for Marketplace.
Comments
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From south portland, ME, 05/28/2008
I've been following this story for weeks in the "alternative" reuters and maine public radio media. I had hoped that Market place would do an in depth story on this large group of shareholders interested in their long term financial interests. And so what did we get but corporate pablum about how share holders shouldn't expect "charity" from the corporation or that they are not in the business of doing good for society but only to make money for the "shareholder". Where is your story about the shareholders feeling betrayed by their board. You guys blew it. Some critical reporting should have taken place.
From Rock Hill, SC, 05/28/2008
Exxon-Mobil has a fiduciary duty to it's shareholders, but also has a duty for the long range prospects of the company and should act as a responsible corproate citizen in exploring energy needs of the future and planning for the future.
If all a company had to do was make as much money as possible then it would truely be a sad case of affairs.
GM, Ford, Chrysler, Toyota, Honda, etc all have to make cars more fuel effiecient, ever safer, etc why ar ethe oil companies any different in providing for our collective future?
This is very much a national security issue.
From IA, 05/28/2008
If investors want shareholders to keep their "activism" out of shareholder meetings then companies need to keep their agendas, and lobbyists out of government.
05/28/2008
How could you quote Milloy without informing listeners of his qualifications, or lack thereof. He's just another media rat, like Ann Coulter, with ulterior motives and uninformed opinions.
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