Environment America is the new home of U.S. PIRG’s environmental work.
Statement of Athan Manuel, U.S. PIRG Preservation Programs Director
I’m
glad to be here with other activists to remind institutional investors,
shareholders and executives that there is another story surrounding
ExxonMobil—one of a large corporation failing to act as a responsible
corporate citizen.
At
tomorrow’s annual meeting, company officials will likely crow about
their quarterly and annual profits. But the other story surrounding
ExxonMobil is the growing discontent among American consumers over the
company’s profits, executive compensation, and policies regarding the
Arctic Refuge and global warming. These issues, and the other issues
discussed by my colleagues this morning, define ExxonMobil as an
irresponsible corporate citizen to American consumers.
Having
a reputation as America’s least responsible corporation is not good for
ExxonMobil. It is only a matter of time before investors and decision
makers act in response to the discontent felt by consumers.
ExxonMobil
started forging their reputation as a rogue corporation in March 1989,
when the Exxon Valdez spilled 11 million gallons of oil into Prince
William Sound in Alaska. The company has made matters worse by refusing
to pay the $5 billion it was ordered to pay to affected communities in
and around Prince William Sound.
The
story is the same when you look at two of the most important
environmental issues in America right now -- drilling in the Arctic
Refuge and global warming. ExxonMobil is the only oil company that is
still a member of Arctic Power, the special interest group that
advocates drilling in the Refuge, and is the number one climate
skeptic, funding junk science in a vain effort to demonstrate that the
burning of fossil fuels does not contribute to global warming. On both
of these issues ExxonMobil is completely out of step with the American
public.
Finally,
the company has added to their list of irresponsible corporate behavior
by handing out exorbitant compensation packages to executives, such as
the more than $400 million paid out to Lee Raymond, at a time when
consumers are suffering at the pump.
Clearly,
it is time for ExxonMobil to start acting like a responsible corporate
citizen. A great way to start is to pay the $5 billion the company owes
people in Alaska, drop out of Arctic Power, stop funding junk science,
and start investing in clean and renewable sources of energy. Until
they do their reputation will continue to suffer, with long term
consequences for the company and the planet.
Thank you.
