Those actions demonstrate that the issue at the center of the case—whether or not shareholders can direct the company’s climate policy—is still active, Exxon said.
“Dismissing this case as moot would embolden Arjuna and other activist shareholders to flood ExxonMobil and other public companies with improper shareholder proposals, knowing they always have ‘a get-out-of-court-free card’ in their back pockets,” Exxon said, quoting Judge Pittman in his earlier ruling against dismissal.
The company said it has sent a letter to Arjuna on May 29 calling on the investment adviser to decry its original proposal, which sought quicker reductions of Exxon’s emissions, and asked Arjuna to declare that it won’t aid other shareholders in filing similar proposals in the future.
“Arjuna has not yet agreed to these terms,” Exxon said, and absent such an agreement, the case is not moot, the company said.
“The court could prevent Arjuna from attempting to skirt its promise by colluding with other activist shareholders to resubmit the 2024 proposal,” the company said.
