Court Dismisses ExxonMobil Lawsuit Against Activist Investor’s Climate Proposal

The proposal aimed to make ExxonMobil adopt tighter climate targets.
Court Dismisses ExxonMobil Lawsuit Against Activist Investor’s Climate Proposal
Climate activists protest on the first day of the ExxonMobil trial outside the New York State Supreme Court building in New York City, on Oct. 22, 2019. Angela Weiss/AFP via Getty Images
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Oil giant ExxonMobil’s lawsuit filed against an activist investor that tried to introduce a climate-related shareholder proposal was dismissed by a court on Monday.

In January, ExxonMobil filed a lawsuit against climate activist investors Arjuna Capital and “Follow This” for seeking to bring a climate proposal up for vote during a shareholder meeting scheduled for May. The proposal sought to make ExxonMobil adopt tighter climate targets. The company argued that defendants were motivated by an agenda that neither reflected shareholder interests nor served to boost long-term shareholder value. The proposal was designed to “shrink” the company, Exxon alleged.
Naveen Athrappully
Naveen Athrappully
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Naveen Athrappully is a news reporter covering business and world events at The Epoch Times.