Exxon Rejects Push for Alt. Energy Investment

Exxon Mobil (www.exxon.com) shareholders rejected 17 proposals — some of which aimed at pushing the company to invest more heavily in developing alternative energy sources — from a group of stockholders led by the Rockefeller’s, according to a report by National Public Radio (NPR, www.npr.org).

One specific proposal offered by the Rockefeller’s, Exxon Mobil’s founding family, along with several less prominent stockholders sought to establish separate chairman and CEO roles as a means of infusing new ideas into the company’s philosophy, particularly in the area of "green" initiatives.

According to NPR, Exxon’s Chairman and CEO Rex Tillerson says that over the next five years, the company will invest $125 billion to find more oil and gas. Because even in 30 years, he says, most energy needs will still be met by fossil fuels.

For the full NPR article, visit www.npr.org/templates/story/story.php?storyId=90931432.