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

🗞️ Driving the news: Norway’s $1.5 trillion sovereign wealth fund will vote against the re-election of ExxonMobil's lead director, Jay Hooley
• This follows ExxonMobil’s controversial lawsuit against climate-focused shareholder groups, raising concerns over shareholder democracy

🔭 The context: ExxonMobil filed a lawsuit to block a resolution demanding more action on greenhouse gas emissions
• Despite the withdrawal of the motion by the shareholder groups, the lawsuit continues against one of them, Arjuna Capital
• The case has intensified fears about broader attacks on shareholder rights in the US

🌍 Why it matters for the planet: The outcome of this legal battle could influence the ability of shareholders to push for environmental, social, and governance (ESG) initiatives
• A ruling favoring Exxon could discourage small investors from filing climate-related motions

⏭️ What's next: ExxonMobil's annual meeting on May 29 will see critical votes against its directors, influenced by major investors like Norway’s oil fund and Calpers
• The ongoing lawsuit and its implications for shareholder rights and climate action remain under scrutiny

💬 One quote: “This is an unwarranted and cynical attack on shareholder rights in the world’s leading capital market,” said Mark van Baal, founder of Follow This

📈 One stat: Over the past five years, the number of climate-related court cases globally has more than doubled. In 2017, there were 884 cases filed, and by the end of 2022, this number had risen to nearly 2,500​ (UNEP)

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