Selling Exxon

Which is thicker, blood or oil? An Exxon heir reflects

Posted by Bricolage at 11:42 AM on 01 Aug 2006

When your family's been intimately involved in a company for more than a century, when you've been raised from birth to put your faith (not to mention your money) in it, how do you tell that company to stuff it? That's the dilemma Tyler Clements faced when his worries about climate change began butting up against his lifetime status as an Exxon shareholder. Is it better to work from the inside, or turn away in protest? Find out which route he chose, in today's Soapbox.

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by sunflower at 12:33 PM on 01 Aug 2006

Protest vote

I'd hold on to one share, just to be able to cast a protest vote and/or raise a shareholder resolution. Maybe it's the rebel in me or something, but for those corporations or funds I didn't choose for their social responsibility, I always return those proxy envelopes with votes against the slate. Sure, Vanguard and Fidelity and Long-Term Capital Management will outvote me 10 bazillion to three, but what the hey: otherwise, it would have been 10 bazillion to zero, and apparently even the threat of shareholder activism has some corporations busily greenwashing, er, Changing Their Ways.

Besides, now's a wonderful time to divest of yer XOM! Capital gains tax rates will never be lower.
.pc

by Payton Chung at 1:17 PM on 01 Aug 2006

DO something positive!

Selling your Exxon stock will not make any difference in the behavior of the company. It is an empty gesture.

Do something positive, realizing that each action you take is not a big contribution toward solving the energy problem, but it is better than nothing, and may be all that you can do now.

Buying a hybrid is reasonable.

Buying a diesel that can use biodiesel fuel is a possibility.

Putting solar panels on your house to augment the electric company will help.

Investing in companies that make electricity generating windmills is probably a really good idea -- but in a fund, of course.

Writing to your electric company to ask them to made green energy available is OK -- but realize that it may take millions of letters to wake them up -- so, keep trying.

Bitching about the bad situation will have no value.

Having fewer children is sensible. Supporting population control organizations worldwide is really the best way to save energy, since each child increases energy demand.

Live close to work.

Carpool.

Put in attractive colored stone instead of grass. This will cut out lawn maintenance, and the use of fertilizers and other chemicals.

Plant a big trees to shade the house, so use of air conditioning is limited.

Buy smaller and fewer cars.

Don't bitch that there is nothing you can do. That hot air causes global warming.

by storyguild at 3:47 PM on 01 Aug 2006

The message in Selling EXXON

Tyler Clement is to be applauded. It was a noble and courageous act on his part to sell his "legacy shares". Tyler has made his reasons for that decision public as well. If Tylers message is lost on some I am sure that it rings in the ears of Clement family shareholders. They are in an interesting position. Will any other Clements divest?
I'd love to be a fly on the wall at the Clement Thankgiving gathering. Hope they invite you Tyler.
If they don't, send them a nice can of 30 weight. I hear it goes well with bird!

Gerry Callahan CEO Enviropartners Inc.

by envirodoc at 9:58 AM on 04 Aug 2006

Bravo

I too applaud Tyler Clement. While morally it seems a no-brainer decision for a person who cares about our environment, practically speaking I can understand that it was a difficult choice. After all, there are very few stocks in the market that one can nearly guarantee will perform well, in the short and long term... unfortunately, Exxon is one of them. There is an inherent financial security blanket there that I'm sure was difficult to part with.

storyguild said:

Selling your Exxon stock will not make any difference in the behavior of the company. It is an empty gesture.

I could not disagree more. Clearly the sale of one person's stock may not even register with a company the size of Exxon. But if 1,000s upon 1,000s of people suddenly decided to "put their money where their mouth is," as Mr. Clement did, it could have significant impact. Even more importantly is the impact on Mr. Clement's peace of mind. He made a decision to align his financial future with his moral values and, presumably, feels better for it. I cannot think of a less "empty" gesture than that.

Kaela

by kmp at 10:28 AM on 04 Aug 2006

ADVERTISING POLICY

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