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Posted: Monday, May 5, 2008

Rockefellers call for change at Exxon Mobil

By Michael Erman Wed Apr 30, 4:48 PM ET

NEW YORK (Reuters) - Members of the Rockefeller family are calling on Exxon Mobil Corp (XOM.N) to make governance changes and increase spending on alternative fuels, sharpening the focus on the company's practices as oil soars close to $120.

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.

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