Norway’s oil fund takes on ExxonMobil over climate lawsuit

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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