Exxon Takes Activists To Court Over Emissions Proposal

Exxon Mobil has filed a complaint in a Texas court seeking to block a climate proposal by activist investors from a shareholder vote in May. This marks Exxon's first legal action against such a proposal. Exxon argues the proposal, which urges adoption of emissions targets for Exxon's products, does not serve shareholder interests. The activist investors counter that Exxon is the only major oil company lacking these targets. TechCrunch: The problem Exxon faces is that the 'basic rules of society,' specifically 'those embedded in ethical custom,' are changing, and the company now finds itself on the wrong side of them. Two-thirds of Americans say we should prioritize alternative energy over fossil fuels, and 69% say the U.S. should move toward net-zero emissions by 2050, according to the Pew Research Center. Internationally, most people want their governments to do something about climate change.

Exxon would normally take its grievances to the SEC, filing a request with the regulator to omit the proposal from this year's proxy statement. But under the Biden administration, the SEC has been siding more frequently with shareholders. After all, who's the boss?

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