"The shareholder fraud lawsuit brought by the New York attorney general against Exxon Mobil has entered its second week, and on Wednesday a star witness took the stand: Rex Tillerson, the company’s former chief executive and a former secretary of state in the Trump administration.
In more than two hours of testimony and cross-examination, Mr. Tillerson calmly disputed the state’s contention that Exxon Mobil lied about its efforts to take the potential costs of climate change on its business into account.
From 2014 on, Exxon publicly stated that it was estimating the possible costs of climate change regulation as a “proxy cost” that it included as part of its economic outlook. The state argues that in fact, Exxon was using a much lower number internally, and that the oil industry giant for years “in effect erected a Potemkin village to create the illusion that it had fully considered the risks of future climate change regulation and had factored those risks into its business operations.”"
John Schwartz reports for the New York Times October 30, 2019.
SEE ALSO:
"Rex Tillerson Testifies, Denying Exxon Misled Investors About Climate Risk" (InsideClimate News)
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