Robin Pagnamenta, Energy and Environment Editor
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One of America’s most powerful families will call tomorrow for a sweeping shake-up at the top of ExxonMobil, the world’s largest company.
A group of descendants of John D. Rockefeller, who founded Exxon's predecessor Standard Oil in 1870, will begin a campaign to split the role of chief executive and chairman of the board at the oil and gas group, a role held by Rex Tillerson.
Last night the family group issued a statement saying that the company’s leadership was “failing to address the future of energy and related industry hurdles”.
It said that representatives would make an announcement in New York to explain “that a majority of the family is now so concerned about the direction of ExxonMobil Corporation that it is urging a major change”.
Exxon, which earned $40 billion (£20 billion) last year, when Mr Tillerson was paid $21.7 million, was the slowest of the big oil majors to acknowledge climate change. The family is calling for an independent chairman and a bigger leadership role for the directors. The campaign comes as big oil companies face mounting pressure to deal with public concern over global warming.
More than 100 Rockefeller descendants hold a significant stake in Exxon through a variety of trusts, but the exact percentage is unknown.
The campaign is being spearheaded by Neva Rockefeller Goodwin, an economist and great-granddaughter of John D. Rockefeller, as well as Peter O’Neill, head of the Rockefeller family committee dealing with ExxonMobil. He is a great-great-grandson of John D. Rockefeller.
Exxon produces nearly 4.2 million barrels of oil a day and had revenues of $404.5 billion during the past fiscal year. Its market capitalisation is about $500 billion.
In 2006 Senator Jay Rockefeller wrote to Mr Tillerson urging the company to stop funding groups that denied the existence of climate change.
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It's amazing to watch trust fund millionaires increase the value of thier portfolio by introducing market instability. They can't create new energy supplies so they drive up prices by generating fear over the hoax of global warming.
Brian Ganek, Frankfurt, Germany
Yes, it's wonderful to see a powerful family push for what's right. Hopefully our greed and addiction of oil will dramatically decrease thus making these outrageous oil comany earnings dramatically.decrease. It's unacceptable.
Robin, Oshawa, Canada
Its about ice age . Check with NASA . Britian is laying cable to detect ocean current changes . Greenland's has changed already . The oil, bank. chemical, medical, and auto companies have interlinking organizations, and board members . Enviromental Boards consist of la lot the same.
Chris, memphis,, Tennessee
It is great to see that interest in the long term survival of our living world has trumped short term greed. The Rockefellers are clearly very influential and their powerful voice behind the path of sanity and reason is very refreshing! Well done!
Jorden, San Francisco, USA
great news. well done guys!
paulm, vancouver,
It's up to use to change the way we do things on this planet. If the rockefeller family wants to help out i'd pull out of Exxon all together. We want the pumps stop we don't need gas at all. With technologies at there present state it's more afordable to get away from fosl fuels altogether...
Jason Ross, Kelowna B.C., Canada
Rockefeller descendants sound dangerous and should be investigated. If it is found that this family is attempting to control access to energy resources, which the rest of humanity needs to live and prosper, they should be striped of assets and put in jail.
Andrew, Memphis,
Every one is entitled to their own opinion. Do these narrow minded individuals actually think the waste that the human race creates is good for our planet. They can comment on animals over populating certain habitats, but i wonder if they see the similar effects that humans have on our ecosystems.
Peter Tran, harrisburg, pa, usa
If the Rockefeller family urges action on "climate change" you can bet your wealth that there is much more up to that. Especially David Rockefeller has donated money to eugenics related organizations in the past. They want global taxes and population reduction (just google Ted Turner as well).
John T., Berlin, Germany
Exactly which group is denying climate change? There are, however, many scientists questioning whether the climate change observed is anthropogenic or not. That is not denial. Several polls have shown that the number of skeptics or those who believe the changes to be benign are not a small minority
Jan Lindström, Bromma, Sweden