REM: ExxonMobil sues ESG investors to block shareholder climate petition

ExxonMobil has filed a lawsuit in federal court in Texas court to try to stop activist investors from bringing a climate proposal to a vote at its annual shareholder meeting on May 29. 

The case has been filed at the US District Court in the Northern District of Texas. The judge, Reed O’Connor, is conservative and may well be favourable to Exxon’s argument.

The investors are "driven by an extreme agenda", said Exxon, and their repeated climate proposals do not serve the interests of investors or promote longer-term shareholder value.

Their votes are “calculated to diminish the company’s existing business”, Exxon said.

Their proposal “does not seek to improve ExxonMobil’s economic performance or create shareholder value,” but is “constraining and micromanaging” company operations, said Exxon’s complaint.