Follow This challenges oil giants at AGM’s
Wall Street Journal | In a rare turn of events for Exxon Mobil, activist bids for action on climate issues weren’t on the agenda at its annual meeting on Wednesday.
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Last year, Exxon sued shareholder activists Arjuna Capital and Follow This for bringing a proposal asking the company to prioritize carbon emissions reduction. The lawsuit was dropped when Arjuna renounced its bid and promised not to bring a similar proposal again. Follow This, which is based in Amsterdam, was dismissed from the lawsuit early on in the court case.
“The energy transition, in whatever form it takes, represents an opportunity for our business, not a threat,” said Darren Woods, Exxon Mobil’s chief executive, at this year’s meeting. He said the company didn’t face any investor bids in part because of its “willingness to challenge proposals that undermine the value of our company and abuse the proxy proposal process.”
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At rival energy company Chevron’s meeting, also on Wednesday, Follow This asked about its oil and gas projects, asserting that investing in new oil and gas resources poses a financial risk because demand will decline in the future.
