Exxon Mobil sues shareholders over climate proposal

Exxon Mobil files lawsuit against shareholders over emissions proposal

Exxon Mobil Corp. has taken legal action against two of its own shareholders, filing a lawsuit to block a proposal aimed at cutting the company’s emissions. The proposal, put forth by environmentalist investor groups Follow This and Arjuna Capital, seeks to establish reduction targets for Scope 3 emissions, which are emissions generated by the company’s products on the consumer end. Exxon Mobil is the only major Western oil company without Scope 3 targets, and the lawsuit argues that the proposal violates Securities and Exchange Commission rules.