June 2, 2022 | Editor: Martin Wennerström
Exxon to face Massachusetts climate change lawsuit
Exxon Mobil will face a lawsuit over having allegedly misled investors and consumers about the climate change risks posed by its business, following a rejection of its motion for dismissal on anti-SLAPP grounds. The suit, filed in 2019 by the Massachusetts Attorney General, alleges that Exxon deceived consumers by advertising fossil fuel products as “clean” and “beneficial to the environment.” Meanwhile, contrary to the board’s recommendation, Exxon’s May 25 AGM narrowly approved a resolution requesting that the company assess how its finances would be impacted by a transition to net zero emissions. However, only 28% of votes backed a resolution requesting that the company set greenhouse gas reduction targets, while only 10% supported a resolution requesting a report on low carbon business planning. At the 2021 AGM, activist investor Engine No. 1 managed to win three Exxon board seats on a clean energy platform.
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