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exxon mobil filed a lawsuit in Texas court on Sunday seeking to block activist investors from bringing climate change proposals to a vote at the company's shareholders meeting in May.
The lawsuit marks the first time Exxon has moved to block a shareholder proposal through a court complaint. The case will be assigned to the U.S. District Court for the Northern District of Texas, and will be presided over by Judge Reed O'Connor, an appointee of former President George W. Bush who has a track record of ruling in favor of conservative litigants. Ta.
Exxon said the investors are “driven by extreme agendas” and that their repeated proposals are not in investors' best interests or promote long-term shareholder value. . The company is asking the court to allow it to exclude the activist shareholder's proposal from its proxy statement.
Activist investment firm Arjuna Capital and shareholder activist group Follow This are putting pressure on Exxon and other shareholders oil company to vote on tougher climate targets.
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ExxonMobil is suing to block environmental proposals from activist shareholders. (Brandon Bell/Getty Images/Getty Images)
They are calling on Exxon to adopt so-called Scope 3 targets. reduce emissions Created by users of that product. Of the five major Western oil companies, only Exxon does not have such a goal.
| ticker | safety | last | change | change % |
|---|---|---|---|---|
| XOM | ExxonMobil Corporation | 96.82 | -0.13 | -0.13% |
Forodis has made similar proposals at shareholder meetings of other oil majors in the past two years, receiving support from 28% in 2022 and 10% in 2023.
Exxon argues that because shareholders have already rejected Scope 3, it should be able to exclude the proposal from its proxy statement.
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ExxonMobil is the only one of the five major Western oil companies that has not adopted the activist Scope 3 targets. (Carlos Javier Sanchez/Bloomberg via Getty Images/Getty Images)
Last year, Follow This energy transition And it would be in shareholders' best interest to set medium-term targets in line with Paris that cover Scope 3.
The goal will prevent the risk of losing access to capital markets, facing policy intervention and incurring losses related to stranded assets, it said.
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March 19, ahead of two key deadlines later this spring, as Exxon needs to submit its proxy statement by April 11 in time for its May 29 annual shareholder meeting. I am seeking relief.
Reuters contributed to this report.
