ExxonMobil faces shareholder revolt: Showdown in Dallas

WASHINGTON, May 25 (AFP) May 25, 2008
It is the biggest American company with the fattest profits. But ExxonMobil faces an uprising from shareholders claiming the oil titan is failing to live up to its responsibility as a corporate citizen.

A showdown looms at the company's annual shareholders meeting Wednesday in Dallas, Texas, with a series of proposals aimed at changing ExxonMobil's corporate structure and pushing the company toward more environmentally friendly energy sources.

The shareholder rebellion has been joined by at least 19 institutional investors, including some of ExxonMobil's largest stakeholders, who will press for resolutions to address climate change and to separate the jobs of chairman and CEO.

ExxonMobil's first-quarter profit rose 17 percent from a year ago to a record 10.89 billion dollars. Its 2007 profit of 40.6 billion dollars was the largest US corporate annual profit in history, but sparked criticism that it was benefiting from troubles of consumers seeing record energy prices. Industry leaders say oil profits are in line with other industries given the massive investment required.

http://www.terradaily.com/2007/080525032428.ob0uzhu8.html

lets face it - were being raped for corp. greed

#1 worst corporation in the world! They've spent millions of dollars trying to brainwash the American people that global climate change is a myth. I know, I've fought with their paid to post astroturfers on other forums on this very subject.

I'm not an expert on their holdings but no matter where they are, if the shareholders can exert power enough to make them pay attention to climate change, alternative fuel issues, that is a good thing.