Renewable energy is the focus of the Rockefeller’s conflict with Exxon. The family wants the roles of chairman and CEO to be held by separate people to better accomplish the goal of cleaner energy sources. The concern is that with oil prices at record highs, the resulting short-term gains are offsetting what they believe the company should be investing in: renewable energy.
The family stands behind four proxy resolutions that address concern about the company’s leadership under chairman and CEO Rex Tillerson. The resolutions also call for more extensive investment in alternative fuels, cuts in greenhouse-gas emissions at Exxon’s, plants and a reduction in waste created by the fuel it produces. The family also believes a study on the consequences of global warming and its influence on developing nations would be beneficial to Exxon’s long-term bottom line. Separating the job of chairman and CEO would allow for more focus on these long-term goals.
“They are fighting the last war and they’re not seeing they’re facing a new war,” said Peter O’Neill, the great-great-grandson of John D. Rockefeller. O’Neill believes that renewable sources of energy are the future and Exxon should take measures to explore the benefits of cleaner fuels and bi-products.