Exxon sues ESG investors over climate plans

Exxon Mobil has filed a lawsuit against US and Dutch activist investors to attempt to remove what it calls their “extreme agenda” from the ballot at its annual shareholder meetings.

The company is seeking a judgment from the US District Court in Fort Worth to exclude from its annual meeting a proposal from Follow This and Arjuna Capital pushing for greater greenhouse gas emission cuts. Exxon is seeking to have the proposal excluded because the firm says it interferes with the ordinary course of business, and that shareholders have rejected similar proposals multiple times.

Exxon says that Follow This and Arjuna Capital have “become shareholders solely to campaign for change through shareholder proposals that are calculated to diminish the company’s existing business. They “are aided in their efforts by a flawed shareholder proposal and proxy voting process that does not serve investors’ interests and has become ripe for abuse.”

Follow This and Arjuna have submitted a proposal calling for the acceleration of Exxon’s emission reduction plans that include Scope 3 emissions.