Activist shareholders said on Friday they had withdrawn a climate proposal they had intended to put for vote during Exxon Mobil (XOM.N), opens new tab' annual meeting after the oil giant sought to block the move through a Texas court.
"There is no basis for Exxon to continue this attack" after the proposal was withdrawn, said Arjuna Capital, who had filed the proposal with activist investor group Follow This.
"This amounts to tactics of intimidation and bullying" to silence investors that voice climate-risk concerns," said Natasha Lamb, Arjuna Chief Investment Officer.
Exxon's unusual legal action has been closely watched by investor activists worried the move could lead other companies to block shareholder resolutions in court, rather than through the usual process of appealing to regulators.
Exxon said earlier in the day that it is continuing with the suit despite the withdrawal. "We believe there are still important issues for the court to resolve. There is no change to our plans," Exxon said.
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