Exxon Mobil is facing a shareholder revolt by most of John D. Rockefeller's 300 descendants, who are pushing for the mammoth company to go greener, reports the Wall Street Journal. The Rockefellers are campaigning for Exxon to develop new energy technology, cut greenhouse gas emissions and appoint a new independent chairman. The revolt is opposed by Exxon senior management.
A dozen members of the Rockefeller clan, active environmentalists, have sponsored shareholder resolutions. They don't have enough votes to push them through but may inspire other investors to step up. "If the Rockefellers are willing to stand up and be counted, maybe the Ford Foundation would, maybe Harvard College would," said one shareholder activist.