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 favorite 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 U.S. company last year and its first-quarter results, scheduled for Thursday morning, are expected to be at or near record levels.

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 recognizing 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 warning 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.

The company has asked shareholders not to support the proposals and said it believes the most effective leadership structure for the current company is for Tillerson to serve as both chairman and CEO.

[www.latimes.com]

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Sooner or Later they always get their way..... and you suffer from them!