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Exxon suit over activist investor’s climate proposal is dismissed

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on The New York Times or enjoy below:

🗞️ Driving the news: A federal judge in Texas dismissed Exxon Mobil's lawsuit against activist investor Arjuna Capital after the investor withdrew a proposal to cut the company's greenhouse gas emissions and promised not to submit similar proposals in the future

🔭 The context: Exxon sued Arjuna Capital and another investor, Follow This, to block their nonbinding resolution from a shareholder vote
• The proposal called on Exxon to accelerate its carbon emissions reduction plans, which Exxon claimed would harm its economic performance

🌍 Why it matters for the planet: The case highlights the ongoing tension between large corporations and activist investors pushing for stronger climate action, reflecting the growing influence of shareholder activism on corporate environmental policies

⏭️ What's next: The dismissal does not eliminate the trend of shareholder activism, as emphasized by Judge Pittman, indicating future challenges and proposals aimed at addressing climate change may continue

💬 One quote: “The trend of shareholder activism in this country isn’t going anywhere,” Judge Mark T. Pittman noted, despite dismissing the case due to lack of a live controversy

📈 One stat: In January, Exxon Mobil sued to block a nonbinding resolution from going to a vote of shareholders, arguing that the proposal did not aim to improve economic performance or create shareholder value

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