14:55:28 EDT Thu 16 May 2024
Enter Symbol
or Name
USA
CA



Imperial Oil Ltd
Symbol IMO
Shares Issued 535,836,803
Close 2024-01-22 C$ 74.39
Market Cap C$ 39,860,899,775
Recent Sedar Documents

Globe/NYT say Exxon sues to block climate proposal vote

2024-01-23 07:30 ET - In the News

See In the News (C-XOM) Exxon Mobil CDR (CAD Hedged)

The Globe and Mail reports in its Tuesday edition that Exxon Mobil is suing two activist investors to prevent their proposal calling for emissions cuts from coming to a vote of shareholders. A New York Times dispatch to The Globe reports that in a complaint filed in U.S. District Court for the Northern District of Texas on Sunday, Exxon accused the investors, Arjuna Capital and Follow This, of abusing the process for proposing shareholder votes to advance their priorities with votes "calculated to diminish the company's existing business." Arjuna filed a proposal in December for a non-binding resolution that urged Exxon to accelerate its plans to reduce its carbon emissions and expand the scope of the emissions it measures to include its suppliers and customers. Follow This joined in support of the proposal shortly thereafter, according to the complaint. The proposal "does not seek to improve Exxon Mobil's economic performance or create shareholder value," Exxon said in the complaint, but is instead "constraining and micromanaging" the company's operations. A court ruling in favour of Exxon could generate stricter scrutiny of the kinds of shareholder proposals that companies allow to be put to a vote in the future.

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