My name is Mindy Lubber and I am the executive director of CERES, one of the sponsors of this report. We are a coalition of over 85 investors, environmental groups, and social activists representing over $300 billion in invested assets that works to improve corporate responsibility for the environment and by so doing to preserve value for shareholders.

One of the greatest risks to both the environment and shareholder value is global climate change. Climate change represents a potential multi-billion dollar risk to a wide variety of us businesses and industries. It should, therefore, command the same level of attention and urgency as any other business risk of this magnitude.

Unfortunately, today we stand here to say that ExxonMobil has not acknowledged this reality. The company's competitors have all begun to deal with this new reality, while ExxonMobil falls further behind.

This is manifestly devastating for the environment, damaging for the long-term value of the company, and represents a failure by the board to exercise proper governance of the company.

Prudence and common sense mandate that those who are responsible for preserving the value of our businesses and investments analyze the risk of climate change and take steps to mitigate it. ExxonMobil has not disclosed to investors any plan for managing these key risks.

Every major sector of our economy is exposed to the risks of climate change, but the oil sector, with its carbon-intensive product and unusually long capital horizons, is particularly vulnerable.

As today's report demonstrates, ExxonMobil is falling short in managing the risks posed by climate change, refusing to bring this critical issue to the highest levels of scrutiny and strategy. By contrast, their competitors have already begun to put corporate governance practices in place to address this issue.

Shareholders of ExxonMobil - the company's owners-are calling on the company to take measurable actions that will ensure that we are not putting the long-term prosperity of our company, our economy and the planet at risk.

As a first step, ExxonMobil should undertake a thorough assessment of the company's current and probable risk exposure to the financial and competitive consequences of climate change, and disclose these risks to investors.

The company should also examine the opportunities which climate change may present for new or expanded business activity and cost reduction.

ExxonMobil should develop, announce and implement an explicit strategy on climate change that is integrated into the company's overall business strategy.

Recognizing how critical climate change is to the future of their businesses, ExxonMobil's competitors have begun linking executive compensation to their companies' performance on climate change objectives. ExxonMobil should do the same.

In the face of corporate inaction, shareholders have been forced to take matters into their own hands, filing a steadily increasing number of climate-related shareholder resolutions that are meeting with growing support.

Two CERES coalition members, the State of Connecticut's and New York City's Pension Funds, have filed resolutions on ExxonMobil's response to climate change. Again and again, they have stated their concern that while many u.s. companies are starting to wake up and put the processes in place to deal with the issues related to climate change, ExxonMobil remains intransigent.

ExxonMobil has taken steps that don't address the core problem, focusing on further research into the reality of climate change rather than real action to minimize risks to the company and its shareholders.

This problem doesn't call for more research. This problem calls for real action today. It doesn't matter if you "believe in climate change" if policies are emerging around the world that affect your industry. ExxonMobil's competitors are moving past fossil fuels and becoming competitive in a world heading down the path of limiting carbon emissions. ExxonMobil's continued denial of this reality demonstrates an impressive lack of sophistication in basic risk management.

An oil company, by the very nature of its business, is exceptionally vulnerable to a changing world marketplace for fossil fuels and a growing world consensus to look elsewhere for energy sources. This is not an issue that is going to disappear, this is not an issue that can be marginalized as being anything other than central to the business model and the business strategy for this company. To do anything short of reviewing the issue of climate change and emerging world strategies to address it, at the board level, reflects the kind of wishful thinking and head in the sand mentality that pulls shareholder value down.