Seeking Alpha

More from Exxon Mobil's (XOM -0.3%) annual meeting: Shareholders reject proposals to set...

More from Exxon Mobil's (XOM -0.3%) annual meeting: Shareholders reject proposals to set emissions goals and another to ban discrimination against gays, elect former JNJ CEO William Weldon to its board, and voice some discontent over CEO Rex Tillerson's ~$40M compensation - a say-on-pay resolution received 71% approval vs. 78% a year ago. (earlier)
Comments (3)
  • 153972
    , contributor
    Comments (692) | Send Message
     
    What kind of red neck stockholders proxy vote or attend and vote @ XOM shareholder meetings?
    29 May 2013, 05:08 PM Reply Like
  • Essobee
    , contributor
    Comments (2) | Send Message
     
    I would suspect that there are no red neck stockholders, proxy-voters or attendees, that cast their vote for or against management's proposals at xom's annual meeting proposals.

     

    I have been an xom stockholder since 1970, a mere 42 years. My assessment of this company as a long term stockholder and observer over the years is that it is a well run, well disciplined and very ethical company. This company has proven to be resilient through all kinds of ups and downs in the world economy; supply upheavals and disruptions such as the oil embargo in 1974 and again in 1979 with the fall of the Shah of Iran; as well as the infamous Exxon Valdez Oil spill. Through it all they have maintained their dividends, and over the past three decades they have actually been increasing their dividends every year.

     

    A few years back, some of you may recall, a number of pressure groups, one of them being prominently led by a Rockefeller great-grand-daughter, was pressuring the company with a lot of fanfare and public affairs releases prior to the annual meeting, was asking xom management to begin investing in green energy projects. The suggestion was that companies like BP ("Beyond Petroleum) were pioneering a shift to solar and wind energy opportunities, and thus that Exxon should follow suit, otherwise it was going to be left behind in the caboose. Shell was another company that was being applauded as well for its investments in wind energy.

     

    As we have seen some high profile demise of wind and solar energy companies and investment, one has to wonder where are these pressure groups today. Why don't they apologize to Exxon's management now that BP has been trying (quietly) for the last couple of years to shed its investment exposure in the solar and energy area. It is noteworthy also to mention Shell --they have pulled out of some high profile wind energy projects in Great Britain.

     

    All one needs to do is to look at the stock performance of Shell and BP to realize that Exxon's management was 100% realistic in rejecting the pressure group demands to waste shareholder's capital in these non-economic ventures.

     

    I found it interesting that Tillerson at yesterday's annual meeting rejected the idea by some that we had to bring back CO2 to 350 ppm levels. He promptly pointed out to the well intentioned romantic who proposed the idea that there is no known technology today to achieve such a feat without wrecking the world's economy.

     

    I applaud xom's management and its stockholders that overwhelmingly supported management's proposals.
    30 May 2013, 05:17 PM Reply Like
  • 153972
    , contributor
    Comments (692) | Send Message
     
    Any company in 21st century that rejects a ban on discrimination against gays and lesbians is losing a critical part of the workforce. If I was gay, I wouldn't join this red neck outfit.

     

    How many petroleum engineers, research scientists, are they losing due to this outmoded thinking? In the competitive world of energy I dare say that losing one would be too much if it proved to be a researcher that they and their team discovered a way to transport wind and solar energy economically or a battery storage method that revolutionized the industry.

     

    As for setting emissions goals, XOM is another anachronistic company that propagandizes that climate change isn't real. Is it any wonder that at their stockholder's meeting management would continue with its mythology?
    31 May 2013, 12:01 PM Reply Like
DJIA (DIA) S&P 500 (SPY)
ETF Tools
Find the right ETFs for your portfolio:
Seeking Alpha's new ETF Hub
ETF Investment Guide:
Table of Contents | One Page Summary
Read about different ETF Asset Classes:
ETF Selector

Next headline on your portfolio:

|