Exxon Takes Legal Action to Block Investor Climate Petition
- 4 months ago
Exxon Takes Legal Action, to Block Investor , Climate Petition.
BBC reports that ExxonMobil has filed a lawsuit against climate
activist investors aimed at preventing their climate proposal
from being voted on at an upcoming investor meeting.
BBC reports that ExxonMobil has filed a lawsuit against climate
activist investors aimed at preventing their climate proposal
from being voted on at an upcoming investor meeting.
Exxon's complaint targets Follow This and
Arjuna Capital, which have urged the company to
speed up efforts to reduce greenhouse gas emissions.
According to Exxon, the two
investor groups are driven
by an "extreme agenda.".
BBC points out that companies rarely take
legal action to block shareholder's motions, and
this is the first time Exxon has attempted to do so.
The outcome of the case could have
a significant impact on shareholders'
ability to petition in the future.
Follow This and Arjuna Capital petitioned
Exxon to set Scope-3 targets aimed at
reducing emissions produced by its customers.
Exxon's Scope 1 and Scope 2 goals are aimed
at achieving net zero emission by 2050, but is
the only oil major to not have a Scope 3 target.
According to Exxon, the petition violates
SEC rules for investor petitions, stressing that , "the breakdown of the shareholder proposal
process, one that allows proponents to advance
their agendas through a flood of proposals,
does not serve the interests of investors.".
Exxon has asked the U.S. district court in Texas to exclude
the Scope 3 petition, while looking for an official ruling
before the company's annual shareholder meeting on March 29.
Exxon has asked the U.S. district court in Texas to exclude
the Scope 3 petition, while looking for an official ruling
before the company's annual shareholder meeting on March 29
BBC reports that ExxonMobil has filed a lawsuit against climate
activist investors aimed at preventing their climate proposal
from being voted on at an upcoming investor meeting.
BBC reports that ExxonMobil has filed a lawsuit against climate
activist investors aimed at preventing their climate proposal
from being voted on at an upcoming investor meeting.
Exxon's complaint targets Follow This and
Arjuna Capital, which have urged the company to
speed up efforts to reduce greenhouse gas emissions.
According to Exxon, the two
investor groups are driven
by an "extreme agenda.".
BBC points out that companies rarely take
legal action to block shareholder's motions, and
this is the first time Exxon has attempted to do so.
The outcome of the case could have
a significant impact on shareholders'
ability to petition in the future.
Follow This and Arjuna Capital petitioned
Exxon to set Scope-3 targets aimed at
reducing emissions produced by its customers.
Exxon's Scope 1 and Scope 2 goals are aimed
at achieving net zero emission by 2050, but is
the only oil major to not have a Scope 3 target.
According to Exxon, the petition violates
SEC rules for investor petitions, stressing that , "the breakdown of the shareholder proposal
process, one that allows proponents to advance
their agendas through a flood of proposals,
does not serve the interests of investors.".
Exxon has asked the U.S. district court in Texas to exclude
the Scope 3 petition, while looking for an official ruling
before the company's annual shareholder meeting on March 29.
Exxon has asked the U.S. district court in Texas to exclude
the Scope 3 petition, while looking for an official ruling
before the company's annual shareholder meeting on March 29