The complaint, filed in a U.S. District Court in Texas, said a proposal by activist investors calling for the oil giant to cut emissions faster would not create shareholder value.

Exxon Mobil is suing two activist investors to prevent their proposal calling for emissions cuts at the oil giant from going to a vote of shareholders.

In a complaint filed in U.S. District Court for the Northern District of Texas on Sunday, Exxon accused the investors, Arjuna Capital and Follow This, of abusing the process for proposing shareholder votes to advance their priorities with votes “calculated to diminish the company’s existing business.”

Arjuna filed a proposal in December for a nonbinding resolution that urged Exxon to accelerate its plans to reduce its carbon emissions and expand the scope of the emissions it measures to include its suppliers and customers. Follow This joined in support of the proposal shortly thereafter, according to the complaint.

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

Non-paywall link

  • @DarkMessiah
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    215 months ago

    We need to get rid of the big corporations. Just… all of them. Maybe even the idea of corporations as a whole. Get them gone, they’re actually killing human civilisation as we know it. We’re going to actually be Cyberpunk if this keeps up.

    Drastic step, I know; and one that’s… unlikely, to say the least. Just saying things how I see it.

    • ThrowawayOnLemmy
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      15 months ago

      We’re going to wish our world was like cyberpunk if these businesses get their way.