The Guardian | The US oil company ExxonMobil has filed a lawsuit to block a vote on a climate resolution brought by a green activist, in move that will be watched closely by fossil fuel companies worldwide.
The company hopes to stop investors voting on a motion put forward by Follow This, a Dutch green activist investor group, which called for Exxon to accelerate its attempts to cut greenhouse gas emissions.
The company filed the lawsuit at a US district court in Texas on Sunday, arguing that the proposal violates SEC investor petition rules. It asked the court to make a decision by 19 March, before its annual meeting on 29 May.
The move will be followed closely by other oil and gas companies and green groups, as environmental campaigners attempt to hold the world’s biggest fossil fuel companies to account for their emissions.
Follow This, which put the motion forward with the investment adviser Arjuna Capital, has registered motions at a series of oil companies’ annual general meetings for years, in a campaign to tighten their commitments to reducing their emissions.
Shell is facing a rebellion from investors that own about 5% of its shares over a Follow This resolution at this year’s AGM, after a chaotic meeting disrupted by green campaigners last year.
Mark van Baal, of Follow This, said: “With this remarkable step, ExxonMobil clearly wants to prevent shareholders using their rights. Apparently, the board fears shareholders will vote in favour of emissions reductions targets. We don’t know why ExxonMobil took this remarkable step.”
