Late Monday, the United States District Court for the Northern District of Texas dismissed ExxonMobil Corporation’s lawsuit against Arjuna Capital. The dismissal marks what should be the end of an inglorious saga for Exxon, which filed the lawsuit in response to the submission of a shareholder proposal by Arjuna rather than seeking exclusion through the normal Securities and Exchange Commission process.
Read MoreVote totals were released last Wednesday, May 31, for Exxon’s 2024 Annual General Meeting. The meeting was unique for both its tone and substance, with Exxon openly vilifying and disparaging its investors for asking questions about the future direction of the company.
Read MoreExxonMobil Corporation recently released its 2024 proxy statement, which includes a United Church Funds shareholder proposal requesting that Exxon report on how a reduced demand for virgin plastic would impact the company’s financial position. The proponent designated As You Sow as its representative.
Read MoreWhile delegates from 180 countries debated a global treaty to combat plastic pollution that might include plastic production caps, one-quarter (25.3%) of ExxonMobil shareholders representing $66.7 billion supported a resolution filed by As You Sow asking the company to study how a one-third cut in demand for virgin single-use plastic would affect its financial position at the company’s recent annual meeting.
Read MoreFor the second year in a row, the U.S. Securities and Exchange Commission (SEC) has allowed Exxon to reject shareholders’ request for clear reporting on whether and how it intends to reduce its total carbon footprint in alignment with the global Paris goal of net-zero emissions by 2050. In a separate ruling, the SEC also allowed Chevron to avoid the question of whether it intends to align with the Paris goal.
Read MoreToday, 33% of investors at Chevron Corporation’s annual meeting voted in support of a shareholder resolution asking the company to report on how it plans to reduce its full range of greenhouse gas emissions and transition its business model to align with a decarbonizing energy market. Also today, at Exxon’s annual meeting, 25% of investors voted in support of a shareholder resolution asking the company to issue a report assessing the public health risks of expanding petrochemical operations in areas increasingly prone to climate change-induced storms, flooding, and sea level rise.
Read MoreAt CERAWeek, Shell broke its tradition of avoiding government criticism to call on the Trump administration to tighten methane restrictions from oil and gas operations. Exxon also doubled down on its position that federal methane regulation has an important role to play in leveling the playing field and reducing environmental risks.
Read MoreExxonMobil today announced an intent to reduce methane emissions by 15% by 2020 and undertake other greenhouse gas reduction measures at refining and chemical manufacturing operations focused on efficiency improvements. This announcement follows a successful shareholder vote of nearly 40% on As You Sow’s 2017 methane resolution with ExxonMobil asking the company to detail plans to curtail its methane emissions.
Read MoreLast week, ExxonMobil successfully silenced shareholders when it asked the Securities and Exchange Commission (SEC) to block As You Sow and Arjuna Capital’s “Low Carbon Business Model” resolution.
Read MoreThe recent ExxonMobil climate risk report, 2018 Energy and Carbon Summary, provided to shareholders in response to a 62% majority vote, has been assessed by experts to be “defective,” “unsatisfactory,” and “inadequate.”
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