ExxonMobil Report Boasts Social, Environmental Progress

Exxon Mobil Corporation said in its 2007 Corporate Citizenship Report that the company has improved its environmental, economic and social performance.

The report details how the company reduced greenhouse gas emissions, led the industry in worker safety and oil-spill prevention, and contributed more than eight times its earnings to economies around the world through taxes and purchases of goods and services.

“We are proud of our financial and operating results, but we are equally proud of our culture of integrity and commitment to act in a safe and responsible manner towards employees, the environment and local communities,” said Rex Tillerson, ExxonMobil chairman and CEO.“How we achieve our results is every bit as important as the results themselves.”

ExxonMobil is working on technologies with the potential for near-term impact on greenhouse gas emissions, while at the same time looking for breakthrough technologies for the future.

Near-term initiatives the company showcased:

  • Investing more than $100 million on improving natural gas treating technology, which could reduce costs for carbon capture and storage.
  • Working with manufacturers of automobiles and commercial industrial vehicles to increase fuel economy by as much as 30%.
  • Helping to enable the next generation of lower-emission hybrid and electric vehicles through the development of new film technologies to greatly enhance the power, safety and reliability of lithium-ion batteries.
  • Conducting research and development of an on-vehicle hydrogen production system, which has the potential to improve vehicle efficiency by up to 80% while improving safety and eliminating the need for a hydrogen distribution infrastructure.

    Longer-term initiatives include:

  • Conducting internal research and supporting academic research to accelerate development of commercially viable energy technologies to lower emissions on a global scale — such as hydrogen production, storage and use; biomass and solar energy; carbon dioxide capture and storage, and advanced transportation and coal technologies.
  • Partnering with the European Commission to study carbon capture and storage in the CO2ReMoVe program, a research initiative to establish scientific monitoring systems and determine the reliability of geological carbon dioxide storage.

    Four British investors in ExxonMobil, however, are combining their efforts and joining the Rockefeller family to vote in favor of separating the roles of ExxonMobil’s CEO and chairman of the board, the UK Telegraph reported.

    F&C Asset Management, the Co-Operative Insurance Society, Morley Fund Management and the West Midlands Pension Fund have taken the unprecedented step of publicly confirming they will back a special motion at the company’s annual meeting next week in Texas to split Tillerson’s dual roles as CEO and chairman.

    The campaign to divide the roles currently held by Tillerson is being spearheaded by descendants of John D. Rockefeller who are shareholders at ExxonMobil. The group of 100 has argued that ExxonMobil is largely ignoring calls for a shift toward green energy.

    By separating Tillerson’s roles, the Rockefeller descendants believe a non-executive chairman could provide another point of view on the board, ensuring the company isn’t left behind by rivals like BP and Royal Dutch Shell.

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