Thursday, March 24, 2016

Concerns about business practices: Rockefeller Foundation sold Exxon shares – ABC Online

Thursday, 03.24.2016, 12:15
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Oil the Rockefellers in the 19th century made them rich. However, today the US oil dynasty wants nothing to do it: The Family Fund sold its shares to ExxonMobil – for allegedly “morally reprehensible” business practices. The commodities giant suspects a conspiracy.

The major investor to descendants of the oil tycoon John D. Rockefeller thus withdraws from the oil business. The Rockefeller Family Fund (RFF) criticized on Wednesday in New York, Exxon had apparently tried for decades to conceal the risks of climate change.

“There is evidence to suggest that the company since the 80s it was working, the public to confuse the end of climate change, “said the charity in a statement. We have therefore now decided to distance and to separate from the Exxon shares. “We can not be associated with a company that over the public interest apparently puts a contempt of the day.”



“Finance conspiracy against us”

had in November US media reported that the prosecutor’s office in New York investigating against Exxon. The largest publicly traded oil company in the world suspected of having lied with manipulated studies on the effects of climate change public and investors.

The commodity multi from Irving (Texas) was initially unimpressed by the step of the Fund. “It is not surprising that they withdraw because they already finance a conspiracy against us,” said an Exxon spokesman on demand. The RFF agency in turn means for “deliberately misleading” reports about Exxon’s research on climate change prepared the Group no option defended.



Also coal and tar sands business more

The action of Rockefeller is part of a broader offensive, at which a character is to be set against fossil fuels. Investments are here hardly makes sense, they said – both financially and ethically. The fund follows the larger Rockefeller Brothers Fund, which decreed last 790 million dollars. The well established as a charitable foundation organization had announced in September, 2014 to gradually separate from investments in fossil fuels.

Norway plunders largest SWFs in the world

 

“There is no good reason for companies to explore new sources of hydrocarbons continue”, the RFF explained with reference to the UN Climate Summit end of 2015 in Paris, where a phasing out fossil fuels had been agreed over the coming decades. Similarly, the offspring of US industrialist clan want to withdraw their funds from the coal and tar sands business almost entirely.



oil has Rockefellers made rich

In Europe consider large investors increasingly commodities -Investments. In November, the Allianz Group had announced not to invest in mining and energy companies that generate more than 30 percent of their turnover or their electricity from coal.

In Norway, the Parliament decided in June 2015 that the state pension funds should no longer be active in coal-shops. The Fund is involved in Germany to Eon and RWE. The so-called divestment movement has also held in banks that want to invest only in ecological and ethical portable shops, collection.

In the case of Rockefeller decisions of fund founded by family members in 1940 and 1967 are mainly due to the history of the clan remarkable. The oil industry had made the Rockefellers in the 19th century one of the richest families in the world. The two funds are not to be confused with the 1913 by John D. Rockefeller himself launched Rockefeller Foundation.

These eight billionaires have no educational qualifications

 

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