| WASHINGTON
- May 25 - Campaign ExxonMobil and US PIRG praised the New York City pension funds for their decisions to support environmental proposals put forward by shareholders calling on ExxonMobil to improve its consideration of environmental issues. The pension funds include the New York City Employee Retirement System, the New York City Teachers Retirement System, the New York City Police Pension Fund and the New York City Fire Department Pension Fund. The Pension funds have $80 billion under management and collectively own roughly 13,500,000 shares in ExxonMobil, or $1.1 billion worth of stock.
The renewables resolution asks the company to develop a policy to promote renewable energy.
The Arctic resolution asks ExxonMobil to report on the potential environmental damage that would result from the company proceeding with plans to drill for oil and gas in the coastal plain of the Arctic National Wildlife Refuge.
"Our funds are supporting these resolutions because the trustees believe they will improve shareholder value as well as protect the environment," said Alan Hevesi, New York Comptroller, who is custodian and trustee of the New York City pension Funds. "We know that companies with that improve their environmental performance can provide even stronger returns to investors and we hope that other institutional shareholders will join us in supporting these resolutions."
"We are pleased that the New York City pension funds recognize that it is in shareholder¹s interests that ExxonMobil move forward on clean energy. ExxonMobil has become increasingly isolated with regard to the need for clean energy. Their competitors are gaining early ground and experience with renewables. It only makes sense for the company to develop some kind of strategy to compete in a world that demands clean energy," said Peter Altman, National Coordinator of Campaign ExxonMobil. Campaign ExxonMobil is a national coalition of religious and environmental groups committed to convincing the company to take responsibility for its role in global warming.
"We hope ExxonMobil listens to the New York City pension funds and the growing list of shareholders who support protecting the Arctic Refuge," said Athan Manuel, director of the PIRG Arctic Wilderness Campaign. "Doing so would help repair a corporate image tarnished by the Exxon Valdez oil spill and the company¹s intransigence on global warming."
Campaign ExxonMobil and US PIRG also praised two private firms, Walden Asset Management / BBT Domestic Social Index Fund and Trillium Asset Management for their support of the shareholder resolutions.
This year ExxonMobil’s Annual General Meeting is May 30th. At last year¹s meeting investors holding nearly $19 billion worth of stock supported the renewable energy resolution, and investors with nearly $17 billion worth of stock voted for the Arctic Refuge resolution.
Note:
For comment by the Office of the Comptroller of the City of New York, contact David Neustadt, Press Secretary for the Office of the Comptroller of the City of New York, at 212 669-2591.
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