ExxonMobil Climate Resolution Withdrawn Amidst Legal Battle, Sparking Concerns for Shareholder Activism
Amsterdam-based green shareholder group Follow This has withdrawn its climate resolution at ExxonMobil following the oil giant’s legal action, a move likely to deter shareholder activism. Exxon filed a lawsuit against Follow This and Arjuna Capital, arguing the climate resolution breached SEC guidelines. Founder Mark van Baal cited Exxon’s preference for legal battles over shareholder votes as the reason for withdrawal. Shareholder activism on ESG matters has been rising, making this legal confrontation a significant departure from the norm. Exxon noted the withdrawal of an expedited hearing request but insisted the case continues. The incident prompts concerns about corporate responses to ESG challenges and the potential impact on broader shareholder engagement efforts.