Crusaders Aim To Force Exxon Shareholders To Divest The Company

protestAnti-fossil fuel groups are vowing to turn up the heat on ExxonMobil after the company refused to adopt resolutions to address climate change Wednesday, by urging the company’s shareholders to divest their shares entirely.

It was the shareholders, however, who refused to adopt the resolutions.

“The recommendation by Exxon’s board to outright reject every single climate resolution from shareholders sends an incontestable signal to investors: it’s due time to divest from Exxon’s deception,” May Boeve, executive director of environmentalist group 350.org, said after hearing of the shareholders’ decision.

Boeve and 350.org are leading proponents of the Keep it in the Ground campaign and movement for pension funds, schools and others to divest from investments in fossil fuels.

Anti-fossil fuel activists have taken it on the chin recently, especially after a new survey Monday from financial advisors FTI Consulting showed that former public employees balk at the idea of their retirement pensions being “politicized” by fossil fuel divestment crusaders.

Nearly 88 percent of those surveyed in Texas told researchers they don’t support the divestment campaign — in fact, they flat out opposed it. The same view holds true among 72 percent of retirees in New York, who think divestment is a raw deal for public pensions. This is odd considering the scorn New York’s general population has heaped on natural gas producers, including having its governor ban hydraulic fracturing last June.

Exxon CEO Rex Tillerson made comments after the decisions that seem to echo many of the sentiments made by the environmentalist community.

Tillerson said at the meeting that Exxon accepts the research showing that man-made global warming is happening, but added: “The reality is there is no alternative energy source known on the planet or available today to replace the prevalence of fossil fuels in the global economy.”

Tillerson added: “The world is going to have to continue using fossil fuels, whether they like it or not.”

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Comments (16)

  • Avatar

    JayPee

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    Now is obviously the time to buy while the PC fools sell and lose money.

    Buy and hold long.

    By holding long you keep your profits instead of having your broker grab them via fees.

    Reply

  • Avatar

    amirlach

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    350.Org and those who support them are free to buy up all the stock themselves and then do whatever they like with it.

    Reply

  • Avatar

    Amber

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    The “Global Warming Hypocrites Unit drive a fossil fuel powered truck . What a surprise . Hopefully they bought Exxon gasoline for it . Every little bit of global warming helps nature so thanks folks .

    Exxon shareholders have also expressed their right to free speech as do billions of people every day that vote by using fossil fuels.
    The planet doesn’t have a fever and humans are not about to regulate the earths thermostat much to the dismay of left wing control freaks .

    Reply

  • Avatar

    Simon Ruszczak

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    [quote name=”JayPee”]Now is obviously the time to buy while the PC fools sell and lose money.

    Buy and hold long.

    By holding long you keep your profits instead of having your broker grab them via fees.[/quote]

    The economy is about to collapse though, so even good shares like, Exxon’s will collapse in price.

    Reply

  • Avatar

    JayPee

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    OK

    Tight money=low prices

    But in a total economic collapse, fungible commodities would end up being priced in terms of units of platinum, gold, silver and copper.

    When currency is worthless, even an infinite amount will not purchase anything.

    Reply

  • Avatar

    Simon Ruszczak

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    [quote name=”JayPee”]OK

    Tight money=low prices

    But in a total economic collapse, fungible commodities would end up being priced in terms of units of platinum, gold, silver and copper.

    When currency is worthless, even an infinite amount will not purchase anything.[/quote]

    May as well buy physical gold, silver, etc instead of shares then.

    Reply

  • Avatar

    amirlach

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    Buy brass, gilding metal and lead. In the form of ammunition. If there really is a “collapse” coming.

    What value will metal coins or bars have? You cannot eat them and they make lousy missile weapons when thrown.

    Reply

  • Avatar

    Amber

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    Yes Exxon knew everything about climate change for example global cooling was apparently a “scientific ” fact …or rather fad in the 1970’s . Climate changes without humans and the warming cycle we are in is extremely positive but I don’t expect Exxon to be my Mommy and tell me . 350 what ever . Stop using all fossil fuels 350 if you are so concerned . Nobody is forcing you to buy fossil fuels . Till then you are blowing smoke .

    Reply

  • Avatar

    Simon Ruszczak

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    [quote name=”amirlach”]Buy brass, gilding metal and lead. In the form of ammunition. If there really is a “collapse” coming.

    What value will metal coins or bars have? You cannot eat them and they make lousy missile weapons when thrown.[/quote]

    Keep taking your medication.

    Reply

  • Avatar

    amirlach

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    I will if you will Simple Simon.

    Your the one claiming we are heading for a collapse? And the one talking about buying physical gold and silver?

    What value will metal coins or bars have when the monetary system collapses and chaos ensues?

    Reply

  • Avatar

    JayPee

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    In an economy there has to be a universally accepted medium of exchange and the more stable the rate of that exchange, the more stable the economy.

    In a complete economic collapse, the most barterable commodities would probably be clean water, long shelf life food and ammunition.

    But that’s only barter which is an extremely inconvenient and inefficient means of trade.

    To have any kind of fluent economy, there must be a universally accepted medium of exchange which is hence a ” store of value “.

    What that may be in a worldwide total economic collapse is a matter of conjecture.
    Meanwhile we might be best of hoarding long shelf life water and food and ammunition.

    Reply

  • Avatar

    amirlach

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    Simple Simon’s talk about a monetary collapse reminds me of a funny conversation between two of the old retired guys I have morning coffee with.

    Gary who has spent a lot of time and energy making his hobby farm self sufficient, with green houses and wind and solar power, was telling Eric he should be doing the same.

    Eric who has a rather dry sense of humor told Gary that he did not need to. Of course Gary asked why not.

    Eric said. “I’ll just come take your stuff.”

    Gary says. “Well you can’t do that!”

    Eric. “Sure I can, I have guns and I know you don’t”…

    Reply

  • Avatar

    amirlach

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    Simple Simon’s talk about a monetary collapse reminds me of a funny conversation between two of the old retired guys I have morning coffee with.

    Gary who has spent a lot of time and energy making his hobby farm self sufficient, with green houses and wind and solar power, was telling Eric he should be doing the same.

    Eric who has a rather dry sense of humor told Gary that he did not need to. Of course Gary asked why not.

    Eric said. “I’ll just come take your stuff.”

    Gary says. “Well you can’t do that!”

    Eric. “Sure I can, I have guns and I know you don’t”…

    Reply

  • Avatar

    David Lewis

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    Quote from the article:

    “Nearly 88 percent of those surveyed in Texas told researchers they don’t support the divestment campaign — in fact, they flat out opposed it. The same view holds true among 72 percent of retirees in New York, who think divestment is a raw deal for public pensions.”

    Unfortunately in the cases where liberals get control of funds they are going to do whatever they want with them ignoring the desire of the people who own the money.

    I have said it many times, if someone sells something of value, someone else will buy it. This makes divestment nothing more than a feel good campaign. From the view point of the alarmists, in the case of Exxon, it is even worse. The shareholders who voted for the green agenda are going to be the ones who sell. That means next time there is a vote, the green agenda will fail by a wider margin.

    Reply

  • Avatar

    amirlach

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    [quote]I have said it many times, if someone sells something of value, someone else will buy it. This makes divestment nothing more than a feel good campaign.[/quote]

    It’s quite likely Soros is funding this “divestment” campaign so he can buy in cheap like he did with Coal.

    Reply

  • Avatar

    JayPee

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    @ amirlach

    Quite right
    He’s done it before and probably doing it now

    How come nearly nobody calls for his condemnation /

    Has he bought off everybody or just those who ” inform ” everybody ?

    And when will rich georgy realize he will not live forever

    and probably not much longer !

    Has he even pondered what his legacy might be ?

    Reply

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