Climate Control Is ExxonMobil Due for a Change in the Weather?
There is something a touch exhilarating about taking the contrarian view. Unless, of course, your shareholders subscribe to the conventional wisdom.
On Wednesday, ExxonMobil investors at the company's annual meeting will once again have the chance to vote on environmentally-tilted shareholder resolutions. Though the proposals have not garnered much support in the past -- and almost in spite of the fact that ExxonMobil, whose chairman Lee Raymond has questioned whether global warming is even occurring, is not viewed as the most environmentally-friendly of companies -- the resolutions have been gathering steam this year.
The proposals, one calling for ExxonMobil to report on its plans to develop renewable energy sources, the other to link environmental and social performance to executive pay, are being brought by members of the Interfaith Centre on Corporate Responsibility (ICCR), a coalition of socially-conscious and religious investors.
In a turnabout from last year, the renewable proposal has been recommended by proxy advisor International Shareholder Services. …