ExxonMobil files lawsuit to block push by investors for stricter emissions targets, says agenda ‘extreme’

Must Read

OilNOW
OilNOW
OilNOW is an online-based Information and Resource Centre

Exxon Mobil Corp. has taken an unprecedented legal step to thwart a shareholder vote on more stringent emissions targets set for its May meeting. 

Filing a lawsuit in a Texas court, the oil giant is challenging a proposal by investors, led by Arjuna Capital and Follow This, urging Exxon to adopt “Scope 3 targets” to cut greenhouse gas emissions not just from its operations but also from the use of its products by customers.

Darren Woods – Chairman and Chief Executive Officer of ExxonMobil

Norway and Guyana defend oil production amidst environmentalist pressure | OilNOW

Reuters said this is the first time Exxon has employed legal means to try to halt such a push.

Exxon contends that the investors, pushing for emissions targets, are motivated by an “extreme agenda” and argues that their proposals do not serve the long-term interests of shareholders. The corporation is seeking a court order to remove the vote from its proxy statement, citing previous rejections of similar proposals by shareholders.

No choice but to invest in oil – Shell CEO says | OilNOW 

With the shareholder meeting scheduled for May 29, Exxon aims to submit its proxy statement by April 11, anticipating a court ruling by March. 

The outcome of this case may set a significant precedent for corporate accountability in addressing climate change, as Exxon’s legal stance could influence how other companies respond to comparable demands from activist shareholders.

- ADVERTISEMENT -
[td_block_social_counter]
spot_img

Partnered Events

Latest News

SBM Offshore’s community initiatives in Guyana promote sustainability, local economies

SBM Offshore’s role in Guyana goes beyond oil production, as its community engagement projects aim to create long-lasting impacts...

More Articles Like This