"Exxon Mobil Corp. filed a lawsuit Sunday against two of its own shareholders, asking the court to block a proposal by activist investors aimed at cutting the oil giant’s emissions.
Two of Exxon Mobil’s shareholders, environmentalist investor groups Follow This and Arjuna Capital, put forth a motion in December that would force a vote on their proposal to set reduction targets for Scope 3 emissions, or emissions created by the company’s products on the consumer end. Exxon Mobil is the only one of the five major Western oil companies — Shell, BP, Chevron, TotalEnergies and itself — without Scope 3 targets.
In the lawsuit, filed in the Northern District of Texas, Exxon Mobil argued the proposal is a violation of Securities and Exchange Commission (SEC) rules and asked the court to block it by March 19. The company’s annual meeting, where the motion will receive a vote if it is not blocked, is set for May 29."
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