Norway's sovereign wealth fund doesn't like that Exxon is suing a climate-minded activist shareholder
Another large investor is upset with ExxonMobil $XOM because of its lawsuit against political activist investor groups that wanted the oil giant to do more to curb global carbon emissions. The Financial Times reports that Norges Bank Investment Management, the sovereign wealth fund of Norway, says it will vote against the lead director nominated by the oil giant.
“Norges Bank Investment Management continues to place utmost importance on the protection of shareholder rights and raises concern around the potential impacts of litigation against shareholders stemming from the submission of a shareholder proposal,” the fund reportedly said in a statement.
Two climate change-minded investor groups, Netherlands-based Follow This and U.S.-based Arjuna Capital, sought a resolution at Exxon’s annual meeting that would have had other shareholders vote on whether Exxon should do more to reign in the carbon emissions of its customers. Exxon sued them.
Although they dropped the matter, Exxon has continued its lawsuit in a bid to clarify whether such resolutions should be allowed to happen going forward. On Wednesday, a judge said allowed Follow This to remove itself from the case on jurisdictional grounds.
Earlier this week CalPERS, California’s state pension fund, said it would be opposed Exxon’s entire nominated board of directors slate over the lawsuit on similar grounds to Norway’s sovereign wealth fund.
ExxonMobil is suing its own shareholders over a proposal aimed at reducing emissions
Join 500,000+ readers who start their day with Quartz.
By subscribing, you agree to our Terms of Service and Privacy Policy.
