Exxon Mobil Corporation is facing backlash for its recent lawsuit against shareholders Arjuna Capital and Follow This, which sought to exclude a shareholder resolution on accelerating greenhouse gas emissions reductions. The lawsuit, filed on January 21, 2024, bypassed the SEC's no-action process and sought to prevent future similar proposals, drawing criticism from the investor community. Large institutional investors and the Council of Institutional Investors have expressed concerns, calling the lawsuit unprecedented and aggressive. Exxon Mobil's proxy statement further criticized investors concerned about environmental, social, and governance risks, attempting to delegitimize them and their shareholder resolutions. The company's climate strategy, which includes increasing oil and gas production and relying on untested carbon capture technologies, has been deemed misaligned with...Show More

Exxon Mobil Corporation is facing backlash for its recent lawsuit against shareholders Arjuna Capital and Follow This, which sought to exclude a shareholder resolution on accelerating greenhouse gas emissions reductions. The lawsuit, filed on January 21, 2024, bypassed the SEC's no-action process and sought to prevent future similar proposals, drawing criticism from the investor community. Large institutional investors and the Council of Institutional Investors have expressed concerns, calling the lawsuit unprecedented and aggressive. Exxon Mobil's proxy statement further criticized investors concerned about environmental, social, and governance risks, attempting to delegitimize them and their shareholder resolutions. The company's climate strategy, which includes increasing oil and gas production and relying on untested carbon capture technologies, has been deemed misaligned with the Paris Agreement and poses significant risks to investor returns. The board's endorsement of this strategy and the lawsuit against shareholders have led to recommendations to vote against the election of Executive Chair and CEO Darren W. Woods and Lead Independent Director Joseph L. Hooley for their roles in these governance failures.