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Column: Exxon Mobil is suing its shareholders to silence them about global warming
Exxon Mobil objects to the Securities and Exchange Commission's rule on shareholder proposals. So why is it suing these small investors instead of the SEC?
You wouldn't think that Exxon Mobil has to worry much about being harried by a couple of shareholder groups owning a few thousand dollars worth of shares between them — not with its $529-billion market value and its stature as the world's biggest oil company. In response to the lawsuit, Frerichs has urged Exxon Mobil shareholders to vote against the reelection to the board of Chairman and Chief Executive Darren W. Woods and lead independent director Joseph L. Hooley at the annual meeting. The act would overturn an SEC rule stating that resolutions dealing with "significant social policy issues" can't be excluded from the annual proxy under the traditional "ordinary business" limitation.
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