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Rockefellers looking for change at exxon { April 30 2008 }

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Wednesday, April 30, 2008

Rockefellers want Exxon shake-up
Sign from an Exxon station

Exxon Mobil is used to criticism from environmental activists. But now, one of their chief critics is the family that founded the company: the Rockefellers. They're going public with complaints today. Jill Barshay reports.



Scott Jagow: Exxon Mobil said today that striking oil workers in Nigeria have agreed to go back to their jobs. That helped drop the price of oil $3 to $115 a barrel. But Exxon has something else to worry about. The family that founded the company, the Rockefellers, will go public today with complaints about Exxon's tactics on global warming. Jill Barshay reports.

Jill Barshay: The Rockefellers want to reduce the power of Exxon's CEO and bring in an outside chairman. Robert Monks is a shareholder who's been agitating for this change for years. He says the Rockefellers are angry Exxon's been funding think tanks to discredit global warming.

Robert Monks: Exxon is enabled to go in public discourse and say the science is unsettled. Well the science is unsettled, because Exxon paid to have it unsettled.

Exxon is making big profits, but investors are worried it'll soon sell out of its oil. John Chiang is the controller for the State of California, which has $4 billion invested in Exxon. He's says the Rockefellers want Exxon to fund research now to make sure it'll have energy to sell tomorrow.

John Chiang: It's a major development. This is a resounding call for Exxon Mobil to get up to date.

Shareholders hope to shake up Exxon's board at their annual meeting next month.

I'm Jill Barshay for Marketplace.

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