U.S. oil giant Exxon Mobil sues activist investors to prevent climate proposals

Exxon Mobil filed a lawsuit against U.S. and Dutch activist investors in a bid to stop them from submitting climate proposals during the oil giant’s annual shareholder meeting.

It marks a first for the U.S. oil major and is the latest step in an intensifying battle between companies and environmental campaigners.

The complaint was filed Sunday in the U.S. District Court for the Northern District of Texas against Massachusetts-based investment firm Arjuna Capital and Follow This, an Amsterdam-based activist investor group.

An Exxon Mobil win in the proceedings could have a chilling impact on future shareholder petitions.

The Securities and Exchange Commission, the U.S. financial regulator, has overseen a growing number of environmental and social shareholder proposals during the past two proxy seasons.