News From Green Century Capital Management

ExxonMobil investors who own $370 million voted today in favor of a shareholder resolution asking the company to refrain from drilling for oil in the Arctic National Wildlife Refuge. 8.4% of ExxonMobil shares voted in favor of the resolution filed by Green Century Capital Management (Green Century) in conjunction with the Sierra Club. The resolution is among several environmental questions being posed to the oil giant at its annual general meeting this year. Working to preserve wilderness areas and biodiversity in the fragile ecosystems of northern Alaska that border the Arctic Ocean has been a high priority for Green Century and is the firm’s longest running shareholder campaign. Most recently, Green Century asked ExxonMobil to report on the biodiversity impacts their operations have on protected areas such as national parks and World Heritage Sites.

"Shareholders are sending a strong signal to ExxonMobil about the importance of protecting the Arctic," said Athan Manuel, of the Sierra Club’s Chill the Drills Campaign. "Americans are beginning to realize they can weigh-in as investors and influence companies on the importance of conducting business responsibly. Instead of spending billions of dollars on exploration and drilling of traditional energy resources in pristine locations, the company should be looking to develop clean energy for the future. We believe that would make ExxonMobil a better investment and serve to protect the long-term interests of shareholders.”

Many of the arguments given in support of drilling for oil in the Refuge have proven false, according to Green Century. As oil prices continue to reach record highs, investors and management may be tempted to chase short-term profits, but adding the small amount of oil estimated to be available in the Refuge – less then 6 months worth of oil for the United States –would have little impact. The Energy Information Administration (EAI) projects that oil likely to be found in the Refuge would contribute less than one percent, at its peak, to projected world oil production.

The Arctic National Wildlife Refuge is one of the few remote untamed wildernesses left available on the planet for large-scale ecological processes to continue without the danger of human manipulation. The area is home to 45 species of mammals, 36 fish species, and 160 species of migratory birds including large populations of caribou, musk oxen, polar bears, and snow geese. In addition, the Refuge is the traditional homeland and subsistence area for multiple native Eskimo and Indian groups.

"This year’s shareholder resolution vote for the Arctic National Wildlife Refuge represents a victory for threatened ecosystems around the world," said Kristina Curtis of Green Century. "That 8.4% of shareholders of a major oil company have voted against management and for the protection of one of the world’s most vibrant ecosystems is a key sign that investors care about how their companies conduct business. ExxonMobil’s shareholders have spoken today and said a change is necessary. We hope the company will take that message to heart and develop policies to protect the world's most sensitive habitats."

The 8.4% percent vote demonstrates a high level of support for preserving the wilderness areas in the Refuge from drilling. This vote guarantees that the preservation of the Arctic National Wildlife Refuge will remain on the agenda for ExxonMobil's management in the coming year.

Green Century filed two other shareholder resolutions at oil and gas companies this year. Working again with the Sierra Club, Green Century’s resolution earned 22% of shareholders’ votes in asking ConocoPhillips to refrain from drilling in the Teshekpuk Lake region of Alaska given the wide variety of wildlife that is sustained in the remote ecosystem. The second resolution, filed at Chevron and being voted on today requests, a report on the environmental degradation imposed by expanding the company’s oil sand projects in Canada’s boreal forest. Not only do these projects threaten the long-term survival of numerous fish, songbird and waterfowl species, the processing techniques are highly resource intensive and environmentally damaging. These operations are the fastest growing sources of Canada’s greenhouse gas emissions.

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Green Century Capital Management is an investment advisory firm focused on environmentally responsible investing. Founded by a partnership of non-profit environmental advocacy organizations in 1991, Green Century’s mission is to provide people who care about a clean, healthy planet the opportunity to use the clout of their investment dollars to encourage environmentally responsible corporate behavior. Green Century believes that shareholder advocacy is a critical component of responsible investing and actively advocates for greater corporate environmental accountability.

The Sierra Club is the nation’s oldest and largest grassroots environmental organization. Founded by John Muir in 1892, the Sierra Club’s mission is to explore, enjoy and protect the planet. Through its Chill the Drills campaign, the Sierra Club works to protect sensitive Arctic habitat from destructive energy development.

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