Following is the address E&E Legal Senior Fellow and author of Junkscience.com gave today at the Exxon Mobil Annual Meeting in Dallas, Texas. His comments were in support of his shareholder proposal to end all political activist shareholder proposals.
Steve Milloy address at ExxonMobil annual meeting May 31, 2017
My fellow shareholders, we are being squeezed out of Exxon.
On one side are anti-capitalist climate activists ⎯some are here pretending to be bona fide shareholders.
Their goal is to hijack Exxon’s resources and influence to advance their anti-capitalist, anti-America political agenda. They want to destroy Exxon and the value of our stock.
On the other side of the squeeze, oddly enough, is Exxon management.
For the first time, we have an American President who actively opposes climate hysteria. He promised to pull America out of the Paris climate deal. He wants to unleash the American energy industry.
But what does Exxon management want? They want America to stay in the economically suicidal Paris hoax.
Exxon management supports a carbon tax – a policy designed to slash oil and gas use.
And management’s refusal to fight has encouraged activists to get going a criminal investigation of our company by state attorneys general.
Fellow shareholders: Between climate activists and disloyal management, it’s difficult to choose which is the greater threat to honest shareholders.
Keep in mind the lessons of the coal industry.
President Obama used climate hysteria to drive America’s largest coal companies into bankruptcy.
Peabody Energy, the world’s largest coal company, just emerged from bankruptcy in April.
The entire time Peabody was in bankruptcy, it was still producing the coal fueling American electricity generation.
Even so, when Peabody emerged from bankruptcy, its shareholders ⎯ shareholders just like you and me ⎯ were ZERO-ed out. Their shares became worthless.
What’s the lesson?
While America needed coal, it didn’t need Peabody shareholders.
While the world needs oil, it doesn’t need Exxon shareholders.
My fellow shareholders, we can defeat the activists as they:
- Hype the climate hoax;
- Lobby governments for anti-oil policies;
- Force investment funds to divest from Exxon;
- Campaign to stop oil production; and
- Pressure regulators to force companies to write down their reserves.
A handful of others and I have been fighting these anti-capitalist activists for decades.
Our efforts helped produce a President who knows climate hysteria is unfounded and who wants the oil industry to thrive.
We can beat the activists.
But what do we do about management’s betrayal?
My message to Exxon management is this: Stop aiding and abetting the enemies of your shareholders. Start working for us – or look for work elsewhere.