Shareholders drop climate proposal, but ExxonMobil forges ahead with lawsuit
ExxonMobil is looking to set a precedent that would limit the power of activist shareholders in pressuring management on climate issues.
Shareholders have dropped their proposal to vote on stricter climate targets at ExxonMobil’s next annual general meeting after the oil major filed a lawsuit to block the resolution.
Investment groups Follow This and Arjuna Capital hoped that withdrawing their proposal for ExxonMobil to adopt Scope 3 targets would lead the company to drop its lawsuit, but Exxon announced on Friday (February 2) that it would forge ahead with the legal action.
