Financial Times | The world’s largest sovereign wealth fund has sharply criticised ExxonMobil’s decision to sue two shareholders that filed a climate proposal at the US oil major, pursuing the litigation even after they dropped the resolution.
Nicolai Tangen, chief executive of Norway’s $1.5tn oil fund, told the Financial Times he was concerned about Exxon’s action against Follow This and Arjuna Capital, which submitted the motion calling on the company to set more ambitious emissions targets at its annual meeting.
Tangen said: “It’s a worrisome development. We think it’s very aggressive and we are concerned about the implications for shareholders rights.”
[…]The decision by the biggest western oil company to persist with what is likely to be an expensive legal case has provoked concern in the investor community that it will discourage small investors filing similar petitions in the future.
The Norwegian fund is increasingly active on climate issues and has backed shareholder resolutions on the environment at several oil and gas groups. It also filed its own proposals for the first time last year at four companies.
