Investors in publicly-traded companies like ExxonMobil try to shape corporate policies by filing shareholder proposals that are voted on at annual meetings. ExxonMobil says it’s fed up with a pair of investor groups that it claims are abusing the system by filing similar proposals year after year in an effort to micromanage its business
This is the best summary I could come up with:
ExxonMobil faces dozens of lawsuits from states and localities alleging the company lied for decades about its role in climate change and the dangers of burning fossil fuels.
ExxonMobil’s lawsuit points to growing tensions between companies and activist investors calling for corporations to do more to shrink their climate impact and prepare for a hotter world.
It is happening at a time when global temperatures continue to rise, and corporate analysts say most companies aren’t on track to meet targets they set to reduce their heat-trapping emissions.
The shareholder proposal from Arjuna and Follow This called for ExxonMobil to cut emissions faster from its own operations and from its supply chain, including the pollution that’s created when customers burn its oil and natural gas.
The impact of rising temperatures has also led states and municipalities to sue ExxonMobil and other oil and gas companies for the threats that their communities are facing, and the industry’s alleged efforts to muddy the public’s understanding of climate science.
ExxonMobil said that would be on top of the nearly $5 billion it recently spent buying a company that specializes in capturing carbon dioxide emissions and injecting them into oil wells to boost production.
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