Exxon Mobil Files Lawsuit Against Activist Investors Over 'Extreme Agenda' of Climate Proposals

Benzinga 2024-01-22

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Exxon Mobil filed a lawsuit against US investor Arjuna Capital and Dutch group Follow This to prevent them from submitting climate proposals at its shareholder meeting. The complaint was filed in a Texas court on Sunday, in an attempt to stop what Exxon says is the "abuse" of the shareholder proposal process. Exxon claims the investors have an "extreme agenda" to undermine its business, while the groups push for stronger climate targets, including Scope 3 emissions. Scope 3 emissions refer to emissions generated from a company's entire value chain, including the use of its products - which account for most of big oil's carbon footprint.

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