SHARES WE DON'T WANT TO OWN
No. 1 - EXXON
Surrey places a large portion of the money in our pension fund with Legal and General to invest. Some of that money is invested by L & G in shares of Exxon Mobil. This is not Surrey’s largest fossil fuel holding by any means. But it may be its most egregious.
You don’t necessarily have to own a lot of a thing, to lose a lot of money owning it. At the end of May the value of Surrey’s investment in Exxon was about £1.27 million.
Assuming Surrey owned this since a year earlier, we took a hit of almost £700,000 on this one stock alone in that year. And we’ve lost well over £300,000 since. That’s a cool million, while making the planet hotter
Exxon's Morally Bankrupt History
Exxon has form as a climate denier. Their own research pointed to the link between carbon emissions and global heating back in the 70’s. By the 80’s they’d figured out this was not good for business.
In the 80’s they started funding climate denier “science” and they’ve never quit. That used to be good for business—but no more, and that’s why this company is in all kinds of trouble and so is their stock.
And just for the record - EXXON VALDEZ - the worst environmental disaster of it’s time - we cry for the arctic - that’s the same Exxon.
Exxon doesn’t learn. Most big oil companies are at least appearing to try to mend their ways. Maybe some of them really are.
But Exxon? No way.
Their plan is to EXPAND production -more drilling - more carbon - more global heating, consistent with a catastrophic 3 degree future.
Exxon doesn’t want us to get it. They won’t allow shareholders to voice concerns at their annual shareholders meetings.
BUT WE DO GET IT.
AND WE DON’T WANT TO OWN IT. WHY WOULD WE?
SURREY PENSION FUND SHOULD REQUIRE L&G TO SELL IT’S POSITION IN EXXON.
IF IT WON’T, SURREY SHOULD REDIRECT THE FUNDS TO L&G’S LOWER CARBON FUNDS.