Exxon Mobil objects to the Securities and Exchange Commission's rule on shareholder proposals. So why is it suing these small investors instead of the SEC?
You wouldn't think that Exxon Mobil has to worry much about being harried by a couple of shareholder groups owning a few thousand dollars worth of shares between them — not with its $529-billion market value and its stature as the world's biggest oil company. But then you might not have factored in the company's stature as the world's biggest corporate bully. In February, Exxon Mobil sued the U.S.
Pittman, who has allowed it to proceed. The company hasn't said why it followed that course. 'The U.S. system for shareholder access is the best in the world,' company spokeswoman Elise Otten told me by email. 'To make sure it stays that way, the rules must be enforced or the abuse by activists masquerading as shareholders will continue threatening the system.' In practice, however, the SEC has been quite strict about requiring that shareholder proposals meet its standards.
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