Funds pressurise ExxonMobil
US - Public pension funds have promised to reform ExxonMobil's position on global warming at the oil giant's annual shareholder meeting on May 30.
The funds include the California State Teachers' Retirement System (CalSTRS) and the New York City Employees' Retirement System, among other investors.
John Chiang, California state controller and a CalSTRS board member, reportedly said: “ExxonMobil’s go-slow approach on renewables, its resistance to a strong national climate policy and its campaign to muddy the waters on climate science is troubling investors.”
The investors said they planned to seek the removal of Michael Boskin, the head of ExxonMobil’s Public Issues Committee, from the company’s board of directors.
They will also be supporting shareholder resolutions urging ExxonMobil to set specific targets for reducing its greenhouse gas emissions and to boost its spending on renewable energy technologies.
An ExxonMobil spokesman said the company disagreed with the investors’ criticism and was moving to improve its energy efficiency while also seeking to cut its greenhouse gas emissions.
He explained the company was also working with vehicle manufacturers to improve engine efficiency as well as being involved in environmental research.
In January 2007 Global Pensions reported Walden Asset Management’s approach to ExxonMobil on climate control issues as part of its shareholder advocacy initiatives.
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