News From Green Century Capital Management
5/28/2008 >> $370 Million of ExxonMobil Shareholders Vote to Protect Arctic Refuge from Oil Drilling |
 |
| ExxonMobil investors who own $370 million voted today in favor of a shareholder resolution asking the company to refrain from drilling for oil in the Arctic National Wildlife Refuge. 8.4% of ExxonMobil shares voted in favor of the resolution filed by Green Century Capital Management (Green Century) in conjunction with the Sierra Club. The resolution is among several environmental questions being posed to the oil giant at its annual general meeting this year. Working to preserve wilderness areas and biodiversity in the fragile ecosystems of northern Alaska that border the Arctic Ocean has been a high priority for Green Century and is the firm’s longest running shareholder campaign. Most recently, Green Century asked ExxonMobil to report on the biodiversity impacts their operations have on protected areas such as national parks and World Heritage Sites. "Shareholders are sending a strong signal to ExxonMobil about the importance of protecting the Arctic," said Athan Manuel, of the Sierra Club’s Chill the Drills Campaign. "Americans are beginning to realize they can weigh-in as investors and influence companies on the importance of conducting business responsibly. Instead of spending billions of dollars on exploration and drilling of traditional energy resources in pristine locations, the company should be looking to develop clean energy for the future. We believe that would make ExxonMobil a better investment and serve to protect the long-term interests of shareholders." Many of the arguments given in support of drilling for oil in the Refuge have proven false, according to Green Century. As oil prices continue to reach record highs, investors and management may be tempted to chase short-term profits, but adding the small amount of oil estimated to be available in the Refuge – less then 6 months worth of oil for the United States –would have little impact. The Energy Information Administration (EAI) projects that oil likely to be found in the Refuge would contribute less than one percent, at its peak, to projected world oil production. The Arctic National Wildlife Refuge is one of the few remote untamed wildernesses left available on the planet for large-scale ecological processes to continue without the danger of human manipulation. The area is home to 45 species of mammals, 36 fish species, and 160 species of migratory birds including large populations of caribou, musk oxen, polar bears, and snow geese. In addition, the Refuge is the traditional homeland and subsistence area for multiple native Eskimo and Indian groups. "This year’s shareholder resolution vote for the Arctic National Wildlife Refuge represents a victory for threatened ecosystems around the world," said Kristina Curtis of Green Century. "That 8.4% of shareholders of a major oil company have voted against management and for the protection of one of the world’s most vibrant ecosystems is a key sign that investors care about how their companies conduct business. ExxonMobil’s shareholders have spoken today and said a change is necessary. We hope the company will take that message to heart and develop policies to protect the world's most sensitive habitats." |
> Back To News Listings
