Exxon Mobil is urging a federal court to keep its lawsuit against shareholders alive, even after investor groups withdrew their resolutions seeking to force the oil company to reduce planet-warming emissions.
In a Wednesday court filing, Exxon said that its case against shareholder groups Arjuna Capital and Follow This would “stop defendants’ cycle of shareholder activism that burdens it each proxy season.”
Wednesday court filing
While the Securities and Exchange Commission traditionally handles disputes over whether companies must take up shareholder proposals, Exxon filed its lawsuit with the U.S. District Court for the Northern District of Texas in January.
Attorneys for the company say a “breakdown of the shareholder proposal process” has allowed activists “to advance their agendas through a flood of proposals.”
