Earth Equity News

Rockefeller's Descendants Tell Exxon to Step up Search for Alternative Fuels. By Stephen Foley, London Independent, May 1, 2008. "Descendants of John D Rockefeller, America's first and biggest oil industry magnate, say that ExxonMobil, a company spawned from his 19th-century monopoly Standard Oil, faces becoming obsolete if it does not step up the search for alternative fuels. Fifteen family members... went public [Wednesday before last] in an attempt to get Exxon to face up to the realities of climate change, and they promised to join a shareholder rebellion to shake up the board to alter company's strategy... The Rockefellers... are backing resolutions at the Exxon's shareholder meeting next month which call on the company to fund research into how climate change will affect developing nations. They believe a push into alternative fuels by Exxon and other major oil companies could improve the situation, and demand a new policy on funding alternative fuels. They also want the company to set public goals for reducing carbon emissions from their output -- targets which, if tough enough, would force the company to offer less-polluting products than oil and gas. They are also demanding that [the company's current chairman, Rex Tillerson] split the roles of chairman and chief executive, a resolution which last year won 40% of the vote."