Members of the Rockefeller family are calling on Exxon Mobil to make governance changes and increase spending on alternative fuels, sharpening the focus on the company’s practices as oil soars over $120.

John D. Rockefeller founded the Standard Oil Co in 1870 and it became a precursor to Exxon Mobil. Exxon Mobil is the world’s largest publicly traded oil company based on market capitalization and is a favourite target of consumer advocate groups and politicians unhappy with record prices for oil and gas and their effect on the environment.
Fifteen descendants of the oil baron are involved in four shareholder resolutions seeking changes at Exxon, including dividing the CEO and chairmanship positions held by Rex Tillerson. Peter O’Neill, great-great-grandson of Rockefeller, said 66 of the 78 adult Rockefellers currently supported their stance.
Exxon posted the largest ever annual profit by a US company last year and its first-quarter results are expected to top $11 billion and perhaps set a new record.
But the Rockefeller’s said the company was too focused on short-term windfalls. They said the company’s reluctance to invest in alternative energy could result in lost profits down the road.
Neva Rockefeller Goodwin, great granddaughter of John D. Rockefeller and a Tufts University economist, called on Exxon to reconnect with the forward-looking vision of her great grandfather.
“Kerosene was the alternative energy of its day,” Goodwin said. “Part of John D. Rockefeller’s genius was in recognising early the need and opportunity for a transition to a better, cheaper and cleaner fuel.”
The group, which also seeks to establish a task force to study the consequences of global warming on poor economies, called on Exxon to reduce greenhouse gas emission at its own operations and adopt a renewable energy policy.
Exxon said it supports the Rockefeller’s right to use the shareholder proposal process to make the family’s views known to other stakeholders.