ICCR letter to Exxon Board re Shareholder Lawsuit

We write representing concerned investors to share our deep misgivings regarding the lawsuit filed by Exxon on January 21 against its shareholders Arjuna Capital and Follow This, sponsors of a proposal focused on climate risk and seeking an accelerated reduction in GHG emissions to meet net zero by 2050 goals. We believe this costly and unnecessary suit constitutes a serious threat to shareholder rights. It also sends a clear message that the company is seeking to shut down any debate by its shareholders on actions needed to address climate risk. This unprecedented suit risks alienating shareholders, harming Exxon’s reputation, and undermining the Securities and Exchange Commission (SEC) by circumventing efficient, effective and time-honored procedures established by the agency. We urge the Board to intervene to convince management to abandon this legal strategy.