Exxonmobil Is Suing Investors Who Want Faster Climate Action


credit: iStock

ExxonMobil is in the midst of dozens of lawsuits from states and localities accusing the company of lying about its role in climate change and the dangers of burning fossil fuels.

Now, the oil giant is going on the offensive, suing two investor groups that want it to do more to address climate change, CNBC reports.

The groupsthe Interfaith Center on Corporate Responsibility and Follow Thishave filed shareholder proposals every year for years asking ExxonMobil to reduce its greenhouse gas emissions.

"Exxon is really upping the ante here in a big way by bringing this case," says Josh Zinner, chief executive of the investor coalition, whose members include a defendant in the ExxonMobil case.

"Other companies could use this tactic not just to block resolutions, but to intimidate their shareholders from even bringing these [climate] issues to the table."

ExxonMobil says the shareholder proposals created by the investor groups are illegal because the US Securities and Exchange Commission isn't enforcing rules governing investor proposals.

The founder of Follow This says ExxonMobil is trying to stifle shareholders.

"Apparently, ExxonMobil does not want shareholders to vote on whether the company should accelerate efforts to reduce emissions," he says.

"This is the concern of more and more investors who want [to] safeguard the long-term future of the company and the Read the Entire Article


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