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20 May 2008
The Guardian: British funds back Rockefellers to bring in new ExxonMobil chairman
Source: www.guardian.co.uk
British funds back Rockefellers'' green rebellion to bring in new ExxonMobil chairman
By Andrew Clark
A shareholder revolt at ExxonMobil led by the billionaire Rockefeller family has won the support of some significant British institutional investors.
F&C Asset Management, Morley Fund Management, the Co-operative Insurance Society, Universities Superannuation, Railpen Investments and the West Midlands Pension Fund are throwing their weight behind a resolution demanding that ExxonMobil appoint an independent chairman.
The world''s biggest oil company is facing a rebellion over its hard-line approach to global warming. The firm has refused to follow rival oil companies in committing large-scale capital investment to environmentally friendly technology.
The Rockefeller dynasty, whose ancestor John D Rockefeller founded Standard Oil, the business at the core of ExxonMobil, has sponsored four shareholder resolutions. One of these calls on the chief executive, Rex Tillerson, to relinquish his role as chairman in favour of an outsider. The London-based corporate governance advisory service Pirc intends to recommend that institutions support this proposal, which is in line with best practice on corporate boards in Britain.
"Despite top-notch individual directors, the company''s record over the last decade, particularly regarding climate change, demonstrates that debate has been lacking," said F&C Asset Management''s director of governance and sustainable investment, Karina Litvack. "By bringing in an independent chairman, the company can better leverage that creativity and challenge, and avoid over-dominance by management."
Exxon maintains that present green technologies are not financially viable. But critics fear that the company''s reluctance to explore alternative energy will prove to be bad business judgment in the long run as rivals such as BP seek to capture public affection by re-branding themselves as environmentally sensitive enterprises.
The Rockefellers point out that Exxon has $25bn (£13bn) of capital investment planned in carbon-based fuel but its environmental commitment is centred on $100m to fund a Stanford University project on climate change.
At last year''s meeting, 40% of investors'' votes were cast in favour of a similar call for an independent chairman. Three US advisory firms - RiskMetrics, Glass Lewis and Proxy Governance - have urged fund managers to support the Rockefellers'' resolution. The result is not binding on Exxon but the company has said that its board will reconsider any policy challenged by successful shareholder resolutions.
An Exxon spokesman last night reasserted the company''s position that its board is better placed than investors to decide on the leadership structure.
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