The Exxon Annual Meeting

May 30th, 2007

Editors Desk

Eye on The Markets

by The Washington Post | 5.30.07

Many shareholders argued that taking steps to curb global warming was in the company’s long-term financial interests. Stephen Viederman, a shareholder from New York, compared Exxon Mobil’s current strategy to the big U.S. automakers’ policy of sticking to gas guzzlers while foreign competitors opted for more fuel-efficient cars.

Environmental concerns were also behind the targeting of Boskin, [Michael Boskin, a Stanford University economist who chaired the White House Council of Economic Advisers from 1989 to 1993] who chairs the Exxon board’s public issues committee. California Controller John Chiang, Connecticut Treasurer Denise L. Nappier, shareholder advocate Robert A.G. Monks and Sister Patricia Daly, executive director of the Tri-State Coalition for Responsible Investment, had complained that Boskin had refused to discuss Exxon’s potential financial exposure to climate change or what they called its “failure” to take short-term actions to pare emissions. They said Boskin refused five invitations over the past 18 months to meet two dozen institutional investment fund managers.

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