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Feb. 22, 2024

Exxon’s unconventional route to block ESG shareholder proposals

Exxon’s lawsuit is part of a larger trend of corporations and conservative groups seeking to overturn or limit ESG regulations and initiatives through the courts. Recent cases have challenged the SEC’s authority, the Department of Labor’s guidance, and the Supreme Court’s Chevron precedent.

Gabriel Miranda

Attorney, Mitchell Silberberg & Knupp LLP

Capital Markets


Exxon Mobil (Exxon) has opted for an unconventional approach to circumvent challenges against environmental, social, and governance (ESG) proposals from activist shareholders. Instead of engaging in the customary process of trying to block shareholder proposals from going to a shareholder vote with the U.S. Securities and Exchange Commission (SEC), the oil giant has chosen to litigate against some of its shareholders.

On Jan. 21, 2024, in a...

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