(Bloomberg) — The investor of Exxon Mobil Corp. who is suing the oil giant over its climate-related shareholder proposal, promises not to file similar motions in the future in an attempt to have the legal action dropped.
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While Arjuna Capital had already withdrawn the shareholder proposal to accelerate greenhouse gas emissions that was at issue in the lawsuit, the company went further in a letter sent to Exxon and filed in a Texas court, saying that it was ‘unconditional and irrevocable’. pledged not to submit any more proposals related to emissions or climate change to Exxon shareholders.
Arjuna said it expects Exxon will now withdraw its lawsuit.
Exxon is reviewing Arjuna’s letter, spokeswoman Emily Mir said in an emailed statement that did not commit to withdrawing or pursuing the lawsuit. The lawsuit against the oil producer aims to clarify the U.S. Securities and Exchange Commission’s proxy rules and stop abuses of the shareholder process, Mir said.
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