In an attempt to stop a shareholder vote on tougher emissions targets at its May meeting, Exxon Mobil Corp. filed a lawsuit in a Texas court, launching a legal onslaught against climate campaigners. This is the first time the oil company has blocked a project of this kind by legal means, which raises questions about its environmental duty and may create a difficult legal precedent.

A proposal by investors led by Arjuna Capital and Follow This, which calls for Exxon to set "Scope 3 targets"—goals for cutting greenhouse gas emissions generated by the firm as well as by customers who purchase its oil and gas products—is the subject of the case. As the only significant Western oil corporation without such targets, activist investors contend that Exxon ought to adopt them to comply with the climate goals of the Paris Agreement.

However, Exxon portrays the investors as driven by an&nbsp;"extreme agenda" and asserts that the long-term shareholders' interests are not served by their repeated suggestions. The corporation requests that the vote be removed from its proxy statement by the court because&nbsp;shareholders have already rejected similar proposals in the past.

Exxon deliberately filed the action in the Northern District of Texas, where cases are frequently assigned to judges with conservative slants, adding to the dispute. Judge Reed O'Connor, a George W. Bush appointment noted for his decisions supporting conservative causes on matters like healthcare and gun rights, heard the case. Remarkably, O'Connor previously ruled that Obamacare was unconstitutional; however, the Supreme Court reversed his ruling.

This legal strategy shows how confident Exxon is in its legal approach, but it also runs the danger of upsetting investors who care about the environment and damaging the company's reputation. Observe For example, this argues that establishing Paris-aligned objectives protects shareholders by averting risks like as stranded assets and lost capital access.

For the May 29th shareholder meeting, Exxon needs to file its proxy statement by April 11th, therefore the company is looking for a court ruling by March 19th. The verdict in this case may have a big impact on how corporations are held accountable for climate change, since Exxon's legal risk may have an impact on how other businesses respond to comparable demands from activist shareholders.

(With inputs from Reuters)

In an attempt to stop a shareholder vote on tougher emissions targets at its May meeting, Exxon Mobil Corp. filed a lawsuit in a Texas court, launching a legal onslaught against climate campaigners.

In an attempt to stop a shareholder vote on tougher emissions targets at its May meeting, Exxon Mobil Corp. filed a lawsuit in a Texas court, launching a legal onslaught against climate campaigners. This is the first time the oil company has blocked a project of this kind by legal means, which raises questions about its environmental duty and may create a difficult legal precedent. A proposal by investors led by Arjuna Capital and Follow This, which calls for Exxon to set "Scope 3 targets"—goals for cutting greenhouse gas emissions generated by the firm as well as by customers who purchase its oil and gas products—is the subject of the case. As the only significant Western oil corporation without such targets, activist investors contend that Exxon ought to adopt them to comply with the climate goals of the Paris Agreement. However, Exxon portrays the investors as driven by an "extreme agenda" and asserts that the long-term shareholders' interests are not served by their repeated suggestions. The corporation requests that the vote be removed from its proxy statement by the court because shareholders have already rejected similar proposals in the past. Exxon deliberately filed the action in the Northern District of Texas, where cases are frequently assigned to judges with conservative slants, adding to the dispute. Judge Reed O'Connor, a George W. Bush appointment noted for his decisions supporting conservative causes on matters like healthcare and gun rights, heard the case. Remarkably, O'Connor previously ruled that Obamacare was unconstitutional; however, the Supreme Court reversed his ruling. This legal strategy shows how confident Exxon is in its legal approach, but it also runs the danger of upsetting investors who care about the environment and damaging the company's reputation. Observe For example, this argues that establishing Paris-aligned objectives protects shareholders by averting risks like as stranded assets and lost capital access. For the May 29th shareholder meeting, Exxon needs to file its proxy statement by April 11th, therefore the company is looking for a court ruling by March 19th. The verdict in this case may have a big impact on how corporations are held accountable for climate change, since Exxon's legal risk may have an impact on how other businesses respond to comparable demands from activist shareholders. (With inputs from Reuters)

Exxon Mobil to block climate proposal in Texas court

In a rare win for activist shareholders, Microsoft Inc has agreed on better reporting of&nbsp;sexual harassment data.&nbsp;

They have passed a resolution to address more transparently such claims through independent investigations and public reporting.

According to a regulatory filing by the company, the proposal received 77.97 per cent in favour.

Also read |&nbsp;<a href="https://www.wionews.com/technology/vignesh-sundaresan-buys-nft-for-69-million-people-can-download-it-for-free-433242" hreflang="en">Vignesh Sundaresan buys NFT for $69 million; people can download it for free</a>

It issued a statement saying, ''While Microsoft has conducted prior internal investigations into sexual harassment and gender discrimination allegations, it has failed to report transparently on any independent investigations to employees and investors.''

“To avoid legal and reputational risk and maintain shareholder value, Microsoft must create a culture of accountability and transparency, protecting employees from harassment and discrimination.”

It comes after reports had emerged that the company's co-founder Bill Gates had tried to start a relationship with an employee in 2000.

Also read |&nbsp;<a href="https://www.wionews.com/technology/facebook-owner-meta-asked-to-sell-giphy-by-british-regulator-432991" hreflang="en">Facebook-owner Meta asked to sell Giphy by British regulator&nbsp;</a>

Arjuna Capital had sought a report from the software firm on the effectiveness of its policies to battle sexual harassment in the workplace.

It is a Boston-based investment adviser and frequent filer of shareholder resolutions pressing companies for changes like disclosing more data on pay equity.

Microsoft already internally shares annual data on the volume of sexual harassment concerns raised and the results of the investigations into them. It has now adopted plans to make that data public.

The vote comes as big mutual fund firms increasingly support investor challenges to companies on environmental, social, and governance (ESG) issues and as employees of big tech firms stage walkouts protesting their tackling of sexual harassment claims.

A similar proposal had been introduced in automaker Tesla Inc last year stating that support for a shareholder resolution on how it handles arbitration to resolve workplace complaints of harassment and discrimination rose to 46 per cent of votes cast at its annual meeting, up from 27 per cent.

(With inputs from agencies) 
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In a rare win for activist shareholders, Microsoft Inc has agreed on better reporting of sexual harassment data. They have passed a resolution to address more transparently such claims through independent investigations and public reporting.

In a rare win for activist shareholders, Microsoft Inc has agreed on better reporting of sexual harassment data. They have passed a resolution to address more transparently such claims through independent investigations and public reporting. According to a regulatory filing by the company, the proposal received 77.97 per cent in favour. Also read | Vignesh Sundaresan buys NFT for $69 million; people can download it for free It issued a statement saying, ''While Microsoft has conducted prior internal investigations into sexual harassment and gender discrimination allegations, it has failed to report transparently on any independent investigations to employees and investors.'' “To avoid legal and reputational risk and maintain shareholder value, Microsoft must create a culture of accountability and transparency, protecting employees from harassment and discrimination.” It comes after reports had emerged that the company's co-founder Bill Gates had tried to start a relationship with an employee in 2000. Also read | Facebook-owner Meta asked to sell Giphy by British regulator Arjuna Capital had sought a report from the software firm on the effectiveness of its policies to battle sexual harassment in the workplace. It is a Boston-based investment adviser and frequent filer of shareholder resolutions pressing companies for changes like disclosing more data on pay equity. Microsoft already internally shares annual data on the volume of sexual harassment concerns raised and the results of the investigations into them. It has now adopted plans to make that data public. The vote comes as big mutual fund firms increasingly support investor challenges to companies on environmental, social, and governance (ESG) issues and as employees of big tech firms stage walkouts protesting their tackling of sexual harassment claims. A similar proposal had been introduced in automaker Tesla Inc last year stating that support for a shareholder resolution on how it handles arbitration to resolve workplace complaints of harassment and discrimination rose to 46 per cent of votes cast at its annual meeting, up from 27 per cent. (With inputs from agencies)

Microsoft to publish sexual harassment data after Bill Gates scandal

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Exxon Mobil to block climate proposal in Texas court

Microsoft to publish sexual harassment data after Bill Gates scandal