ExxonMobil's shareholder lawsuit over climate proposal dismissed
Investors recently rejected all sustainability-related proposals at the company's AGM.
Less than a month after rejecting a motion to dismiss the lawsuit brought by ExxonMobil against activist shareholders seeking stricter climate policies, the same judge has now ruled Exxon’s claim as moot.
The US oil giant filed a lawsuit against activist investors Arjuna Capital and Follow This in January to prevent them from submitting a resolution requiring it to include Scope 3 emissions in its climate agenda. The two investors immediately withdrew the proposal, but ExxonMobil refused to drop the lawsuit, seeking to set a precedent limiting the power of stockholders in pressuring management on climate issues.
