Published on Cleantech Group (http://media.cleantech.com)


Rockefellers push for more renewables at Exxon Mobil
By David Ehrlich
Published 2008-04-30 05:50

Irving, Texas-based Exxon Mobil (NYSE: XOM) is getting some heat today from the descendants of the company's founder, John D. Rockefeller, for not investing more in renewable energy.

Members of the Rockefeller family are calling on the company to make changes in its corporate governance and to adopt a renewable technology strategy.

Peter O'Neill, head of the group of Rockefeller family members, said "if the next 20 years of the energy business were just going to be about oil and gas, we probably wouldn't be here today."

"Having an independent chairman leading an independent-thinking board of very experienced directors will substantially improve Exxon's ability to look the future squarely in the face and will increase its flexibility."

O'Neill is the great-great-grandson of John D. Rockefeller, who founded Standard Oil in 1870, a precursor to Exxon Mobil.

O'Neill did not disclose how much of a stake the Rockefellers hold in Exxon Mobil, but said that 15 members of the family are involved in four shareholder resolutions, including a push to divide the CEO and chairman positions.

The group of Rockefellers said, "BP, Shell, Conoco and Chevron have each made significant commitments in recent years to investments in renewables and low carbon technologies."

The family members said "it may turn out that four or five types of solar technologies or wind or geothermal will develop along side each other."

The investments from those other companies "have already enabled Exxon Mobil's competitors to secure potentially lucrative positions in specific alternative energy markets, prepare for regulatory requirements, and raise their credibility in public policy debates," according to the group.

O'Neill said the resolutions are expected to be voted on at Exxon Mobil's annual meeting on May 28 in Dallas.

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