Reported 6 months ago
Arjuna Capital, the Exxon Mobil Corp. investor being sued by the oil giant for a climate-related shareholder proposal, has pledged to refrain from submitting similar motions in the future to resolve the legal dispute. Despite already withdrawing the emissions cuts proposal, Arjuna went further by promising not to propose any more climate-related motions to Exxon shareholders. The expectation is that Exxon will drop the lawsuit following this commitment, although Exxon is currently reviewing Arjuna's letter without confirming the lawsuit's continuation or withdrawal. Exxon's lawsuit aims to clarify SEC proxy rules and prevent shareholder process abuse.
Source: YAHOO