Investors that use shareholder resolutions to pressure companies on environmental and social issues said they are worried that an Exxon Mobil lawsuit bypassing the U.S. securities regulator could undermine their influence. Under appointees of U.S. President Joe Biden, the Securities and Exchange Commission (SEC) has made it more difficult for companies to prevent these resolutions from moving to a shareholder vote by appealing to the regulator. Exxon sidestepped the SEC and filed a lawsuit earlier this month against two shareholders that had put forward a resolution calling on the oil major to set new targets for reducing some of its greenhouse gas emissions.

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