ThePanelist.com - Proxy Voting and Big Oil: XOM and Renewable Energy

Proxy Voting and Big Oil: XOM and Renewable Energy

Written by Miranda Marquit

Wednesday, 30 April 2008

Proposals at Exxon Mobile call for renewable energy research and reporting on efforts to foster energy independence.

The proxy voting season is in full swing, and as shareholders prepare to vote on social issues in the hopes of changing how companies do business, there is a flurry of activity going on with regard to the environment. As one may guess, Big Oil is seeing a number of proposals concerning energy policies at the companies.

Exxon Mobil (XOM) has received a couple of interesting proposals put forward by the Interfaith Council on Corporate Responsibility (ICCR). With reports of record profits, and record gasoline and energy costs, it is no surprise that XOM is being asked to step up its efforts in terms of energy policy for the future. Here are the two proposals that the ICCR have filed with regard to XOM and energy policy:

Develop a policy for renewable energy research. The ICCR would like to see XOM take the steps to put in place an official policy with regard to finding, and investing in, energy from renewable sources.
Report on actions made to promote energy independence in the United States. The ICCR would also like XOM to report on what it is doing to ensure that the U.S. moves toward energy independence from countries that are hostile and result in the volatility of energy supplies.

Both of these proposals are reasonable, and, if passed, they would force XOM to re-evaluate the way it does things. If both passed, the implication is that Exxon might have to be accountable for investing in renewable energy in order to promote energy independence.

Other proposals before Exxon: Alaska protected lands, environmental justice (evaluating practices in other countries), greenhouse gas emissions, climate change report, social criteria for executive pay, and a policy against bias based on sexual orientation and political donations.

You can vote on these proposals using your proxy votes at the shareholder meeting on May 28.

Disclosure: I do not own XOM. Therefore, I won't be voting on any of the above issues as they pertain to Exxon Mobil.

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