Low Carbon Resolutions On The Agenda — Shareholder Activism And Exxon

With crude oil prices at record levels, dividends up, profits unprecedented and Exxon's stock hitting a record high in the first half of 2008, investors should be unequivocal in their support of Rex Tillerson, the CEO and Chairman of Exxon. But a significant block of Exxon's investors are interested in more than just near-term profits. They are also concerned about the future, and they believe Exxon is not prepared for what many expect to be a turbulent time in the energy markets.

Unlike many other oil companies, Exxon has refused to invest in renewable energy and carbon capture technologies. Several institutional investors have joined the shareholders in their low carbon-related resolutions — none of which were supported by Exxon or its board of directors.