ExxonMobil Sues Activist Groups Over Shareholder Proposals Pushing for Faster Climate Action
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ExxonMobil is suing activist investor groups that have filed repeated proposals pushing the company to reduce its greenhouse gas emissions faster. Exxon claims they are abusing the shareholder proposal system.
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The investor groups argue Exxon isn't doing enough on climate change compared to peers. They want Exxon to cut emissions from its operations and the burning of its products.
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Exxon says the proposals interfere with its business and have little backing from most shareholders. The company is making some emissions cuts but still invests heavily in oil and gas.
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Corporations are facing rising pressure from investors, states, cities and the public over climate change risks and impacts. But analysts say few have detailed, credible plans to meet emissions targets.
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Critics argue Exxon's lawsuit is trying to intimidate activist investors and limit shareholder rights, just as Republicans in Congress have proposed restricting certain shareholder proposals.