Exxon investors propose ban on green activism

It could be the nuclear option to silence rebellious investors. A libertarian activist has hit back at ExxonMobil’s environmental critics by tabling a resolution that would outlaw shareholder social activism.

The Free Enterprise Action Fund, which controls $11m (


The fund’s managing partner, Steven Milloy, opposes a coalition led by the Rockefeller family that is calling on Exxon to pay more attention to global warming. “They’re not bona fide shareholders,” Milloy says. “They’re not shareholders who are invested in Exxon because they think it’s a good investment – they’re shareholders who want to use Exxon to advance their social and political agenda.”

By a quirk of scheduling, Milloy’s resolution will be the first to be heard at tomorrow’s annual meeting, which promises to be a rancorous affair in Dallas.

Guardian