The Dutch green shareholder group Follow This has refrained from submitting a shareholder resolution that would call on oil company ExxonMobil to go green. The same applies to the American shareholder Arjuna Capital. Report that international media Friday. Follow This is withdrawing because ExxonMobil filed a lawsuit against the collective over the resolution. Exxon did this in court in the American state of Texas.
“Given Exxon's preference to go to court rather than allow shareholders to vote at its annual shareholder meeting, we have decided to withdraw our climate proposal,” said Follow This founder Mark van Baal. According to Van Baal, Exxon now has no reason to continue the lawsuit, but the oil company wants, among other things, that Follow This reimburses the legal costs.
Follow This also owns shares in other major oil companies and regularly files such resolutions. However, it has never happened before that an oil company has gone to court. Exxon's argument is that environmental movements should not take the place of management – after all, the company's top management knows better what the company needs. In addition, in the US it is possible to block resolutions that have been submitted more than once. Follow This has submitted these types of resolutions to Exxon several times, but has not received a majority.
Also read
The legal battle over the climate case is intensifying
#Shareholder #collective #Follow #withdraws #green #resolution #ExxonMobil #oil #company #lawsuit
