Shareholders of Exxon Mobil Corp. Reject Several Environmental Resolutions
Shareholders of Exxon Mobil Corp. Reject Several Environmental Resolutions

Shareholders of energy major Exxon Mobil rejected several environmental resolutions including proposals to put a climate-change expert on the board and set goals for greenhouse-gas emissions.

At an annual meeting of the company held in Dallas, Chief Executive Officer Rex Tillerson gave a stay-the-course outlook for the company, which has faced profit decline recently with lower prices for crude oil.

Tillerson stated that oil prices will remain low over the next two years because of large global supplies and weak economic growth.

It has been said that the oil giant has completed more than a dozen of its major projects in the past three years and also expects an equal number of them to begin production through 2017.

The company is paring back on capital spending as those projects are completed from $38.5 billion last year to $34 billion in this years and less in 2016 and 2017.

Shareholders of the company rejected a proposal by an organization of Catholic priests in Milwaukee to put a climate-change expert on the board.

The Exxon board opposed the resolution, saying that its several board members have engineering and scientific backgrounds due to which they can easily handle climate concerns, and it gained only 21% support.

Michael Crosby, the resolution's sponsor, said Exxon is fixated on oil and gas and isn't paying enough attention to renewable energy and climate change.

"This company has to be making plans for the future. Let's get an expert on the board to deal with a critical question", he said.

Some stated that the company has set goals for capping greenhouse-gas emissions from its products, such as gasoline, but that got only 9.6 % support.

Tillerson on climate change said that models that predict the effects of global warming aren't very good and it would be very hard for the world to meet aggressive emission-reduction targets.

Check out More news from Telecom Sector :: Pharmaceutical Sector :: Auto Sector :: Infrastructure :: Real Estate