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Exxon Mobil is taking on some of the world's biggest investors over their push for climate change policies, and the oil giant says it's going to fight back in court.
The company filed a lawsuit last week against B-Corp, one of the world's biggest investors in private companies, and two other investors who had been pushing for a vote on climate change policies at Exxon's annual meeting this year, the Wall Street Journal reports.
Exxon says the investors are simply trying to put pressure on the company.
"ExxonMobil has a long history of being a socially responsible company," the company said in a statement.
"We believe our approach is consistent with our shareholders' best interests."
B-Corp, which invests on behalf of both private families and institutions, argues that fossil fuel companies are guilty of climate change and other environmental issues, and it wants Exxon to disclose more about how it plans to transition away from fossil fuels.
A blogger at Forbes, however, says the lawsuit looks a lot like a trend in the US toward more socially responsible investments.
"One wonders whether this would have happened just a few years ago, or whether this bold action against investors looking to accelerate a sustainability agenda is something that aligns with a current shift in perspective,"
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While philanthropy, social responsibility and corporate governance all already play a role, we will probably see more powerful contributions when companies embed social innovation into their core business strategies and operations.