Exxon Suit Targeting Activist Climate Proposals Moves Ahead
- Judge says Arjuna Capital must face claims it abused process
- Arjuna withdrew proposal Exxon opposed, argued case should end
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Exxon Mobil Corp. can proceed with its lawsuit against Arjuna Capital even after the activist investor group withdrew a shareholder proposal the company opposed, a federal judge ruled.
The Houston-based oil giant filed the suit in a novel move to use the courts to keep environmental and social investor bids out of annual meetings. It’s part of a broader corporate pushback to the power wielded by the US Securities & Exchange Commission in the vetting of shareholder proposals.