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Exxon Mobil's (XOM) CEO Rex Tillerson Hosts Annual Shareholder Meeting (Transcr... Page 20 of 25
are continuing to expand that project as you may be aware. So that kind of relationship is built over many, many years of the
Russian government, our partners understanding the way we conduct our fairs and them understanding the expectations that
we have for our joint venture to conduct itself. And I would say we are extraordinarily proud of what we have been to
accomplish in Russia.
They have been very good partners for us. So our work force there is also roughly 80% Russian national. In terms of the
politics that surround events of the day, I view it as not different than a lot of places we operate in the world have difficult and a
complicated social and geopolitical forces surrounding our business. And part of the risk management when I talk about we
are in the risk management business and there is elements of risk in essentially everything we do. An important element of risk
that we manage is geopolitical risk. So one of the ways we manage that is through our geographic diversity by having your
money, having the corporation's money invested broadly around the world. So that while all of those investments are important
to us there is no single investment that's going to sink the business so to speak. We are very resilient and can withstand a lot
of things and we have been through sanctions and countries before regrettably, we do not support sanctions generally
because we don't find them to be effective unless they are very well implemented comprehensively and that's a very hard
thing to do. So we always encourage the people who are making those decisions to consider the very broad collateral damage
of who are they really harming with sanctions and what are their objectives and whether sanctions are really effective or not.
So in the meantime all we can do is continue to live up to our obligations and our commitments in all countries around the
world where we operate and hold our counterparties accountable to live up to their obligations as well. I would tell you thus far
the situation surrounding abates in Ukraine has had no impact on our ability to conduct our fairs in Russia and there has been
no change in anyone's posture towards us. I think it's a very valued relationship by both parties and we are hopeful that that
will continue for many years to come. Yes sir.
David Ridenour - National Center for Public Policy
Good morning. I'm David Ridenour, President of the National Center for Public Policy Research, a free market think tank. My
wife and I are a long time shareholders, (indiscernible) in last year at this meeting I commended the company for bowing to
leftwing demand (indiscernible) to the American Legislative Exchange Council. We continue to commend you for that. But
today I want to kind of go in the other direction. Our think tank once received contributions from the company. These
contributions ended after the company told us that it would not continue to contribute unless we adopted a more alarmist
position on the climate change. We declined of course.
The company has sharply reduced donations across the board of free market organizations that promote same tax in
regulatory policy which is in your interest. But judging from the protesters outside this morning, you haven't really convinced a
lot of people and you haven't won a lot of friends. I bet not even one from around the leftwing groups. Even if the company
declines the supporter organizations it agrees with as it once did, why is Exxon Mobil not doing more on its own to tell the
American people the very compelling stories about this industry? Where is the risk for example in putting stickers on gasoline
pump showing consumers how much the price of a gallon a gasoline taxes, how much is production and how very little is
actually profit out of that? That information is on some websites that people just don't read those websites. They do go to gas
stations.
One of our individual supporters for many years is the late Raleigh Warner who was CEO of Mobil Oil. Under his leadership,
Mobil invested heavily in very effective advocacy advertising. If a similar but modernized strategy were employed today,
millions could learn how tracing has reduced C02 emissions dramatically and about the company's engineering marvels that
safeguard the environment. You could describe who gets, hurt the most, lower income people who disproportionately are
minorities when regulations and taxes make energy prices higher.
You once said, "We have a society that by and large is illiterate in science, math, engineering. What we do is a mystery to
them, and they find it scary. Because of that it creates easy opportunities for opponents of development, activist organizations
to manufacture fear." The company could reduce that illiteracy and stamp out a lot of that fear if we used an updated version of
Mr. Warner's playbook to tell Exxon Mobil's compelling positive story.
This company's products make this country work, less, start powering under the table and tell that fantastic tale. If you and we
aren't proud of our product and act like it, why should anybody else. So, I would appreciate any comments you can offer on
that. Thank you very much.
Rex Tillerson
App. 779
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