Media: Oil giant ExxonMobil sues shareholders pushing for climate action

US oil giant ExxonMobil is suing US and Dutch shareholders seeking climate action through activism. The lawsuit aims to prevent a proposal by the shareholders from being put to a vote at the annual meeting in May. Foreign media report.

The defendants are Follow This and Arjuna Capital. Exxon claims that these shareholders are „driven by an extreme agenda“ and that their repeated proposals are not in investors’ interests, Reuters reported.

According to Exxon, Follow This and Arjuna Capital became its shareholders solely to push for changes through shareholder proposals intended to undermine its current business activities, Bloomberg reported.

Follow This and Arjuna Capital are urging Exxon to cut greenhouse gas emissions faster. Challenging shareholder proposals in court is unusual, and ExxonMobil has taken this approach for the first time in its history, the BBC noted.

„The proposal does not seek to improve ExxonMobil’s financial performance,“ the company said.

„As with previous proposals, Arjuna and Follow This are using it to pursue their aim of shrinking the company in which they invest,“ ExxonMobil added.