ExxonMobil CEO Won’t ‘Lose Money on Purpose’ with Renewables
ExxonMobil isn’t investing in renewable energy because “we choose not to lose money on purpose,” CEO Rex Tillerson told his company’s annual meeting last week, in a speech that was also dismissive of the effects of climate change.
Instead, Politico reports, ExxonMobil shares have lost 16% of their value over the last year due to falling oil prices.
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At the meeting, Tillerson opposed a motion to add a climate specialist to the company’s board. The resolution was defeated with about 79% of shareholders’ votes.
“Mankind has this enormous capacity to deal with adversity,” and has the technology to deal with severe weather “that may or may not be induced by climate change,” Tillerson said.
“To set aside one seat for an environmental specialist or for any single attribute or area of expertise would, in our view, not be in the best interests of the company or its shareholders because it would dilute the breadth needed by all directors to make informed decisions for the company,” ExxonMobil senior management wrote in a letter to shareholders.
Investors also soundly defeated a resolution calling for a report on the side effects of the company’s hydraulic fracturing operations. (h/t to InsideClimate News for pointing us to this story)