There Will Be Blood and O.J.

The scions of a fortune created in the 19th century want the company to embrace the 21st century. They'd like Exxon Mobil to be an agent of change, not an obstacle to it. In boosting investments in renewables and focusing on climate change, Exxon Mobil wouldn't be succumbing to the sort of mushy, feel-good impulses that emanate from the Rockefeller Foundation, Goodwin and O'Neill argued. Rather, it would be going back to the future. The company needs to "reconnect with the forward-looking and entrepreneurial vision of my great-grandfather." After all, kerosene was the "alternative energy of its day."

Good points all, and well delivered. But the Rockefellers, of all families, should know that Exxon Mobil is unlike to have much success ushering in a new energy paradigm that will change the world for the better. Virtually all the good works conducted by John D. Rockefeller, and by his descendants, have been done by the non-profit foundations and philanthropic institutions he created, not by the efficiency-seeking, for-profit machine he built. What's more, a company that depends on an established technology rarely has the incentives or ability to lead a shift to the technology that will upend the old way. The oil industry was created by a dry goods merchant in Cleveland, not by whale oil harvesters in New England.

In his engaging memoir, David Rockefeller notes that modesty and a relentless focus on behaving appropriately were significant-at times, overwhelming-parts of the Rockefeller inheritance. And those were on full display here. When asked how many shares of Exxon Mobil the family held, Neva Rockefeller Goodwin said she had no idea. And I left with the sense that in the Rockefellers' eyes, Exxon Mobil's management is as much guilty of poor manners as it is of poor corporate governance. When Rex Tillerson was tapped as the new CEO, about two thirds of the adult Rockefeller family members wrote him a letter, which welcomed him and asked for a meeting with him and the board. "He was not responsive to that," Neva Rockefeller Goodwin said. At another point, David Rockefeller brought his daughter to lunch with Tillerson and outgoing CEO Lee Raymond. "But I was told I had to behave myself and not say much," she said. Since then, the board and Tillerson have brushed off family requests to engage on these issues. "The responses were written by representatives of management," rather than by Tillerson himself. Which leads me to think that Exxon Mobil, while it has genius engineers and mangers, must have some pretty thick-headed investor relations staffers. If you're going to kiss off the Rockefellers, don't have a lackey do it.

© 2008