Tuesday, May 20, 2008
Momentum seems to be building for an investor revolt at ExxonMobil's annual meeting with respect to ExxonMobil's failure to invest in renewable energy and its approach to the global warming problem.
The family of founder John D. Rockefeller has sponsored four shareholder resolutions demanding changes in corporate investment strategies on renewable energy as well as organizational structure, particularly the appointment of an independent chair of the Board of Directors. The latter resolution, which garnered a 40% vote last year, is winning support from major institutional investor and firms advising institutional investors. And the active involvement of the Rockefeller family this time around may push the resolution over the top.
The Guardian reports that F&C Asset Management, Morley Fund Management, the Co-Operative Insurance Society and the West Midlands Pension Fund are demanding that ExxonMobil appoint an independent chair, along with London-based corporate governance advisory service Pirc and three U.S. advisory firms – RiskMetrics, Glass Lewis and Proxy Governance.