The oil and gas giant is suing investor groups that want it to slash climate pollution. Interest groups on both sides of the case say it could lead to more lawsuits against activist investors.
ExxonMobil faces dozens of lawsuits from states and localities alleging the company lied for decades about its role in climate change and the dangers of burning fossil fuels. But now, ExxonMobil is going on the offensive with a lawsuit targeting investors who want the company to slash pollution that's raising global temperatures.
ExxonMobil said in an email that it is suing the investor groups Arjuna Capital and Follow This because the U.S. Securities and Exchange Commission isn't enforcing rules governing when investors can resubmit shareholder proposals. A court is the"the right place to get clarity on SEC rules," ExxonMobil said, adding that the case"is not about climate change.
After ExxonMobil sued the groups in federal court in Texas in January, Arjuna and Follow This withdrew the proposal and promised not to submit it to ExxonMobil again. But ExxonMobilaren't as ambitious as those of other big oil and gas companies, and that its shareholder proposal was meant to"foster better investment outcomes by addressing the material threat that climate change poses" to the company.
Thousands of peoples' lives are disrupted or harmed by extreme weather, and the economic costs are enormous. Weather disasters in the United States last year"What we've seen, unfortunately, is that even in the face of disclosure and more transparency from these companies, not much has actually changed from a strategy perspective," says Kevin Chuah, an assistant professor at Northeastern University's D'Amore-McKim School of Business.
ExxonMobil says it is committed to cutting emissions from its operations. But the idea that activist investors like Arjuna and Follow This can quickly push the company out of the oil and gas business with new climate policies is"simplistic and against the interests of the vast majority of ExxonMobil shareholders," the company said in a court filing in Texas.
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