Academic journal article Journal of Accountancy

Takes Issue with Report Cited. (Letters)

Academic journal article Journal of Accountancy

Takes Issue with Report Cited. (Letters)

Article excerpt

It is more than disappointing the J0fA chose to publish unsubstantiated allegations made against ExxonMobil in a study by Claros Consulting ("Is Disregard for the Environment Bad Business?" JofA, Jan. 03, page 55), especially without seeking our comment or re sponse. At the very least this does not represent balanced journalism.

Let me set the record straight. Having studied the report closely, we've been unable to understand the basis of the author's assignment of the parameters in the economic model. They appear to be arbitrary and subjective, with a target end result in mind. Furthermore, the conclusions drawn are not based on fact, and the study itself was not peer-reviewed.

Climate change is an important issue to us and one we take very seriously. We completely disagree with the study's conclusion that our approach to climate change is diminishing shareholder value. On the contrary, ExxonMobil is committed to increasing long-term shareholder value, and we lead the industry in this area. We believe it is in our shareholders' best interests to develop and supply energy sources that benefit society and minimize environmental impact. ExxonMobil has been an industry leader in bringing many environmental improvements to our business and consumer products. This includes taking a constructive approach to the issue of climate change. …

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