Reuters |Exxon Mobil 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.
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 U.S. activist investment firm Arjuna Capital and shareholder activist group Follow This are asking Exxon and other oil majors to adopt tighter climate targets.
[…]Such goals would create long-term value for shareholders by preventing risks of losing access to capital markets, of facing policy interventions, and incurring losses associated with stranded assets, Follow This founder Mark Van Baal said.
Arjuna has a fundamental right to voice concern over climate risk and its impacts on the global economy and shareholder value, Chief Investment Officer Natasha Lamb said.
