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The showdown over whether two activist investors in Exxon Mobil would be allowed to put their proposal calling for emissions cuts to a shareholder vote at the company's annual meeting has fizzled out. Attorneys for the company said in a court filing Thursday that the investors are withdrawing the proposal. The Houston-based energy giant on Jan. 21 filed a federal lawsuit in Texas asking the court to declare it had the legal right to cast aside the proposal, which it called an abuse of the shareholder-proposal process and an effort to micromanage its affairs.Exxon had asked the court to fast-track its motion for summary judgment, saying it needed to finalize the agenda for its May 29 annual meeting by March 20. But on Thursday, the company's attorneys at Gibson, Dunn & Crutcher and Jones Day said that was no longer necessary because the investors had notified the company that they were withdrawing the proposal.
Energy
February 02, 2024, 6:46 AM