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New funny article on the onion-read it all, its not long and I think it is eye-opening to say the least:
DALLAS, Texas -- Exxon Mobil Corp. shareholders this week voted down proposals concerning global warming and renewable energy, as the head of the global energy giant said profits take precedence over social causes.
"We won't jump on the bandwagon just because others may have a different view," Chief Executive and Chairman Lee Raymond said. "We don't invest to make social statements at the expense of shareholder return."
The proposals failed to sway many shareholders, who rejected the renewable energy measure with 79 percent opposed, compared with 80 percent opposed a year ago. A new proposal calling for a report on climate change was voted down with 78 percent opposed.
Institutional Shareholder Services Inc. and other groups that advise mutual fund and pension managers, recommended investors support these proposals.
Advocates say these issues have become so controversial they threaten Exxon Mobil's bottom line. One group, Campaign ExxonMobil, claimed a "strong showing" in the face of marketing efforts by the company to play down the issue.
Another measure calling on the oil giant to state it was against discrimination based on sexual orientation, was voted down with 73 percent opposed, down from 76 percent a year ago.
The company has stated it has a policy that prohibits any form of discrimination or harassment at any of its work places around the world.
Environmental groups have accused Exxon of blocking policies and programs that would curb global warming.
Raymond said the company was committed to developing technologies that address the long-term risks of climate change while Exxon Mobil was working to reduce harmful emissions.
Raymond told the meeting that he expects natural gas to increase its share of the global energy market over the next several years. Much of the company's natural gas growth opportunities come from its projects in Qatar, he said.
"We are somewhere in the process of becoming a significant natural gas importer in this country," Raymond said, adding there would have to be major improvements made in the liquid natural gas import capabilities of the United States.
He also said the company will be paying closer attention to Iraq as it starts significant exports of crude oil to world markets.
Raymond played down the role of solar and wind power as a source in the global energy market, saying that the two sources will not likely exceed a 1 percent share of the world's energy needs by 2020.
"We believe oil and gas, which represents about 60 percent of energy supplies today, will remain the dominant energy source," Raymond said.
The eye opening surprise? The above is entirley true, and found on CNN-dont believe me?
Kinda sad, isnt it? Says volumes about one of our(U.S.)'s top companies.......
Sad that the above is true......
DALLAS, Texas -- Exxon Mobil Corp. shareholders this week voted down proposals concerning global warming and renewable energy, as the head of the global energy giant said profits take precedence over social causes.
"We won't jump on the bandwagon just because others may have a different view," Chief Executive and Chairman Lee Raymond said. "We don't invest to make social statements at the expense of shareholder return."
The proposals failed to sway many shareholders, who rejected the renewable energy measure with 79 percent opposed, compared with 80 percent opposed a year ago. A new proposal calling for a report on climate change was voted down with 78 percent opposed.
Institutional Shareholder Services Inc. and other groups that advise mutual fund and pension managers, recommended investors support these proposals.
Advocates say these issues have become so controversial they threaten Exxon Mobil's bottom line. One group, Campaign ExxonMobil, claimed a "strong showing" in the face of marketing efforts by the company to play down the issue.
Another measure calling on the oil giant to state it was against discrimination based on sexual orientation, was voted down with 73 percent opposed, down from 76 percent a year ago.
The company has stated it has a policy that prohibits any form of discrimination or harassment at any of its work places around the world.
Environmental groups have accused Exxon of blocking policies and programs that would curb global warming.
Raymond said the company was committed to developing technologies that address the long-term risks of climate change while Exxon Mobil was working to reduce harmful emissions.
Raymond told the meeting that he expects natural gas to increase its share of the global energy market over the next several years. Much of the company's natural gas growth opportunities come from its projects in Qatar, he said.
"We are somewhere in the process of becoming a significant natural gas importer in this country," Raymond said, adding there would have to be major improvements made in the liquid natural gas import capabilities of the United States.
He also said the company will be paying closer attention to Iraq as it starts significant exports of crude oil to world markets.
Raymond played down the role of solar and wind power as a source in the global energy market, saying that the two sources will not likely exceed a 1 percent share of the world's energy needs by 2020.
"We believe oil and gas, which represents about 60 percent of energy supplies today, will remain the dominant energy source," Raymond said.
The eye opening surprise? The above is entirley true, and found on CNN-dont believe me?
Kinda sad, isnt it? Says volumes about one of our(U.S.)'s top companies.......
Sad that the above is true......
ACK!
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