Exxon Corp. shareholders last week handily rejected several environmental proposals presented at the company's annual meeting.
The defeated proposals included the so-called Valdez Principles, placed before shareholders by Franklin Research & Development Corp., Boston.
The meeting, held Apr. 25 in Houston, featured a number of shareholders speaking out on several environmental issues.
However, attendees generally supported Exxon management, partly because of the large contingent of Exxon Co. U.S.A. employees from Houston and nearby Baytown who attended the meeting.
VALDEZ PRINCIPLES
Franklin asked shareholders to approve the Valdez Principles, which it said were designed to allow Exxon to demonstrate its commitment to the environment.
Among other things, the principles call for Exxon affiliates to minimize and eventually eliminate release of pollutants.
In addition, they call for Exxon to use renewable resources, reduce its creation of waste, dispose of waste safely, use environmentally safe and sustainable energy sources, minimize environmental, health, and safety risks, and market safe products and services that minimize environmental damage.
The principles say Exxon would take responsibility for harm caused to the environment by restoring the environment and compensating those hurt.
EXXON'S RESPONSE
Exxon Chairman Lawrence G. Rawl recommended a vote against the Valdez Principles because, he said, the company has a long standing policy to adhere to all environmental, health, and safety laws and regulations.
He said Exxon's efforts to assure that all phases of its activities are pursued in an environmentally sound manner were intensified last year. The company's efforts, he said, were consistent with several of the objectives of the proposal.
Meanwhile, a board level public issues committee was created to review Exxon's policies, programs, and practices relating to public issues, including potential effects on the environment.
To provide further assurance that Exxon's environmental responsibilities are fulfilled throughout all affiliate and division operations, a new senior executive level position of corporate vice president of environment and safety was created.
In addition, Exxon is preparing a report on its environmental protection, health, and safety efforts. The report will cover most of what was sought by the Valdez Principles.
OTHER ENVIRONMENTAL ISSUES
There were other environmental proposals at the meeting. For example, the Society of Catholic Medical Missionaries, Hyde Park, Me., asked shareholders to request directors and management to honor the company's pledge to finish the cleanup of the oil it spilled last year in Prince William Sound off Alaska. In addition, it asked the company to support scientific research to assess long term damage to the Alaskan environment.
The society's reasoning for the proposal was to help Exxon improve its image and fulfill its obligations to society.
Directors, however, recommended a vote against the proposal on the basis that it is unnecessary in light of the cleanup work undertaken last year and resumption of the effort this week.
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