ExxonMobil Files Lawsuit Against ESG Investors’ Climate Proposal, Saying It Does Not Serve Shareholders’ Interests

Published on January 25, 2024

Oil giant ExxonMobil Corporation filed a complaint in a Fort Worth, Texas court on Jan. 21 in an effort to prevent climate activist investors from bringing a climate proposal up for a vote during the company’s shareholder meeting in May. The move marks the first time Exxon has sought to block a shareholder proposal by filing a complaint in court. The case has been assigned to a judge appointed by former President Donald Trump. According to Exxon, the investors are motivated by an extreme agenda that neither reflects shareholder interests nor serves to promote long-term shareholder value. In particular, the complaint pertains to activist investor firm Arjuna Capital and shareholder activist group Follow This, both of which have asked Exxon and other oil majors to adopt tighter climate targets, including setting so-called scope 3 targets to reduce emissions produced by users of their products. Exxon is the only one of the five Western oil majors that does not have such targets....

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