Exxon facing shareholder revolt over approach to climate change
May 24, 2008
A shareholder revolt at ExxonMobil led by the billionaire Rockefeller family has won the support of four significant British institutional investors who will call on Monday for a shakeup in the governance of the world's biggest oil company.
Guardian.co.uk has learned that F&C Asset Management, Morley Fund Management, the Co-Operative Insurance Society and the West Midlands Pension Fund are throwing their weight behind a resolution demanding that ExxonMobil appoints an independent chairman to stimulate debate on the company's board.
Exxon is facing a rebellion from its investors over its hardline approach to global warming. The firm has refused to follow rival oil companies in committing large-scale capital investment to environmentally friendly technology such as wind and solar power.
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