Oil giant Exxon files lawsuit against climate activist investors’ proposal
Exxon Mobil Corp filed a complaint in a Texas court on Sunday to block a climate proposal by activist investors from being voted on during the company’s May shareholder meeting.
The oil giant argues that the investors have an “extreme agenda” and claims that their repeated proposals are not in the best interests of investors or the long-term value of shareholders.
Investors, led by US activist firm Arjuna Capital and shareholder activist group Follow This, are urging Exxon and other major oil companies to adopt more stringent climate goals.
Specifically, they are requesting Exxon to establish Scope 3 targets to decrease emissions from the use of its products.
Among the five major Western oil companies, Exxon is the only one that currently lacks such targets.
Exxon is appealing to the US District Court for the Northern District of Texas to remove the Scope 3 proposal from its proxy statement.
For the first time, Exxon is attempting to block a shareholder proposal by filing a court complaint.
The case has been assigned to a judge known for favoring conservative causes in previous rulings.
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