illuminem summarizes for you the essential news of the day. Read the full piece on Axios or enjoy below:

🗞️ Driving the news: ExxonMobil is suing investors Arjuna Capital and Follow This over a shareholder proposal to set more aggressive emission-cutting targets, arguing that it undermines shareholder value and abuses the proposal process
• This is part of a broader attempt to politicize climate change risks in business governance

🔭 The context: The shareholder proposal process, established under the Securities Exchange Act of 1934, allows proposals that meet certain requirements to be included on ballots
• Companies can request the SEC to exclude proposals, but this has become harder since 2021

🌍 Why it matters for the planet: Opposing climate-focused shareholder proposals can delay corporate decarbonization efforts, critical for addressing global warming
• ExxonMobil's lawsuit reflects broader industry resistance to integrating environmental concerns into business strategies

⏭️ What's next: ExxonMobil's strong shareholder support for its board, despite opposition from major funds like CalPERS, highlights the contentious nature of ESG issues
• The outcome of this and similar cases could set precedents affecting future climate and governance proposals

💬 One quote: "Our investors sent a powerful message that rules and value-creation matter," ExxonMobil said in response to the shareholder meeting results

📈 One stat: Three years ago, ExxonMobil lost a proxy fight resulting in three climate-minded directors joining its board, showing the growing influence of climate activism in corporate governance

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