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.”

REAL QUICK, REAL URGENT

Minority rule, corruption, disinformation, attacks on those who dare tell the truth: There is a direct line from what's happening in Russia and Ukraine to what's happening here at home. And that's what MoJo's Monika Bauerlein writes about in "Their Fight Is Our Fight" to unpack the information war we find ourselves in and share a few examples to show why the power of independent, reader-supported journalism is such a threat to authoritarians.

Corrupt leaders the world over can (and will) try to shut down the truth, but when the truth has millions of people on its side, you can't keep it down for good. And there's no more powerful or urgent argument for your support of Mother Jones' journalism right now than that. We need to raise about $450,000 to hit our online fundraising budget in these next few months, so please read more from Monika and pitch in if you can.

payment methods

REAL QUICK, REAL URGENT

Minority rule, corruption, disinformation, attacks on those who dare tell the truth: There is a direct line from what's happening in Russia and Ukraine to what's happening here at home. And that's what MoJo's Monika Bauerlein writes about in "Their Fight Is Our Fight" to unpack the information war we find ourselves in and share a few examples to show why the power of independent, reader-supported journalism is such a threat to authoritarians.

Corrupt leaders the world over can (and will) try to shut down the truth, but when the truth has millions of people on its side, you can't keep it down for good. And there's no more powerful or urgent argument for your support of Mother Jones' journalism right now than that. We need to raise about $450,000 to hit our online fundraising budget in these next few months, so please read more from Monika and pitch in if you can.

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