Exxon Says Investors to Withdraw Climate Proposal from Annual Shareholder Meeting

(Reuters) – Exxon Mobil Corp said in a court filing on Thursday activist investors were withdrawing a climate proposal the oil giant sought to block from being voted on during a shareholder meeting in May.

Exxon filed a complaint in a Texas court earlier this month seeking to prevent activist investment firm Arjuna Capital and shareholder group Follow This from seeking a vote on the climate proposal at the company’s shareholder meeting in May.

The proposal called for Exxon to set so-called Scope 3 targets to reduce emissions produced by its products. Exxon is the only one of the five Western oil majors which does not have such targets.

Exxon has said the groups were driven by an “extreme agenda” and that their proposals do not serve investors’ interests or promote long-term shareholder value.

Reporting by Eric Beech, Nate Raymond and Dan Whitcomb

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