CNBC | Exxon Mobil filed a lawsuit against U.S. and Dutch activist investors in a bid to stop them from submitting climate proposals during the oil giant’s annual shareholder meeting.
It marks a first for the U.S. oil major and is the latest step in an intensifying battle between companies and environmental campaigners.
The complaint was filed Sunday in the U.S. District Court for the Northern District of Texas against Massachusetts-based investment firm Arjuna Capital and Follow This, an Amsterdam-based activist investor group.
An Exxon Mobil win in the proceedings could have a chilling impact on future shareholder petitions.
The oil major has accused Arjuna Capital and Follow This of being driven by an “extreme agenda” and claimed they both submit shareholder proposals to undermine the firm’s business.
“With this remarkable step, ExxonMobil clearly wants to prevent shareholders using their rights,” Follow This’ Mark van Baal said in a statement. “Apparently, the board fears shareholders will vote in favour of emissions reductions targets.”
He added, “Maybe they see the writing on the wall.”
Follow This said that it and Arjuna Capital filed a proposal, commonly referred to as a climate resolution, for Exxon Mobil’s upcoming annual meeting in compliance with their shareholder rights and SEC regulations.
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