Go to Article
Excerpt from www.cnbc.com
Exxon sued the two investors in January after they submitted a proposal to be tabled at the May 29 annual shareholder meeting that called for the company to accelerate carbon dioxide emissions reductions.
Arjuna and Follow This subsequently withdrew the proposal, but Exxon proceeded with its claims against the two firms, arguing that they could file similar proposals at future shareholder meetings.
Exxon’s claims are based on Securities and Exchange Commission rules that allow companies to exclude shareholder resolutions if they deal with a matter relating to the company’s ordinary business operations, or are substantially similar to proposals offered in the past five years.
Pittman said Arjuna and Follow This were following a “Trojan Horse” model in which they aggregate enough shares in oil companies to vote and submit proposals aimed at fighting climate change.
About The Author
