Exxon Mobil is asking a federal court to continue its lawsuit against activist shareholders that sought a vote on the company’s climate policy, even after the investors withdrew the resolution at issue, arguing the lawsuit could prevent similar proposals from being considered in the future.
Last month, Exxon Mobil sued investment firm Arjuna Capital and Follow This, a Dutch investor group, to prevent them from filing a climate shareholder proposal that would’ve demanded a vote on the company establishing targets to reduce indirect emissions produced up and down its value chain, otherwise known as Scope 3 emissions.
The lawsuit is a first-time effort by the oil major to exclude shareholders’ proposals through the courts instead of through the Securities and Exchange Commission, which is the common route for companies. The legal effort prompted the two investor groups
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