Exxon Sues Investors Over Their Climate Proposal

Exxon Mobil Corp. has filed a complaint in a Texas court seeking to prevent a climate proposal by activist investors from going to a vote during the company's shareholder meeting in May, Sabrina Valle reported for Reuters.

Exxon says the investors are "driven by an extreme agenda" and that their repeated proposals do not serve investors’ interests or promote long-term shareholder value. I Photo: Mike Mozart Flickr

This is the first time Exxon is seeking to exclude a shareholder proposal by filing a complaint in court.

The case was assigned to a judge with a track record of ruling in favor of conservative causes. Exxon says the investors are "driven by an extreme agenda" and that their repeated proposals do not serve investors’ interests or promote long-term shareholder value.

Investors led by US activist investment firm Arjuna Capital and shareholder activist group Follow This are asking Exxon and other oil majors to adopt tighter climate targets.

They want Exxon to set so-called Scope 3 targets to reduce emissions produced by users of its products. Exxon is the only one among the five Western oil majors that does not have such targets, Nate Raymond also reported for Reuters.

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