Exxon Takes Legal Action, to Block Investor , Climate Petition.<br />BBC reports that ExxonMobil has filed a lawsuit against climate <br />activist investors aimed at preventing their climate proposal <br />from being voted on at an upcoming investor meeting.<br />BBC reports that ExxonMobil has filed a lawsuit against climate <br />activist investors aimed at preventing their climate proposal <br />from being voted on at an upcoming investor meeting.<br />Exxon's complaint targets Follow This and <br />Arjuna Capital, which have urged the company to <br />speed up efforts to reduce greenhouse gas emissions.<br />According to Exxon, the two <br />investor groups are driven <br />by an "extreme agenda.".<br />BBC points out that companies rarely take <br />legal action to block shareholder's motions, and <br />this is the first time Exxon has attempted to do so.<br />The outcome of the case could have <br />a significant impact on shareholders' <br />ability to petition in the future.<br />Follow This and Arjuna Capital petitioned <br />Exxon to set Scope-3 targets aimed at <br />reducing emissions produced by its customers.<br />Exxon's Scope 1 and Scope 2 goals are aimed <br />at achieving net zero emission by 2050, but is <br />the only oil major to not have a Scope 3 target.<br />According to Exxon, the petition violates <br />SEC rules for investor petitions, stressing that , "the breakdown of the shareholder proposal <br />process, one that allows proponents to advance <br />their agendas through a flood of proposals, <br />does not serve the interests of investors.".<br />Exxon has asked the U.S. district court in Texas to exclude <br />the Scope 3 petition, while looking for an official ruling <br />before the company's annual shareholder meeting on March 29.<br />Exxon has asked the U.S. district court in Texas to exclude <br />the Scope 3 petition, while looking for an official ruling <br />before the company's annual shareholder meeting on March 29
