Only money matters

Published: Monday 30 June 2003

It's profit at any cost for ExxonMobil. The oil giant's shareholders voted overwhelmingly in Dallas, Texas, against proposals dealing with renewable energy and global warming. In fact, the company's chief executive and chairperson, Lee Raymond, stated that profits must take precedence. "We won't jump on the bandwagon just because others may have a different view," Raymond said, "We don't invest to make social statements at the expense of shareholder return." While 79 per cent of the stakeholders rejected a renewable energy proposal, 78 per cent opposed a plan for a report on climate change. The proposals were made by the Institutional Shareholder Services Incorporated and groups advising mutual fund and pension managers.

Environmentalists have always accused Exxon of blocking measures to control global warming.

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