Exxon draws K Street allies in key shareholder case

State of play: The groups yesterday asked a Texas federal judge to accept an amicus brief that says the SEC makes excluding resolutions too hard.

• "By opening the door to shareholder proposals pushing social and political agendas, the SEC has allowed a subset of activists to commandeer corporate proxy statements for their own parochial ends," it states.
• They say this is expensive and diverts time from "proper consideration of genuine proposals."

Catch up quick: Last month, Exxon sued Arjuna Capital and the group Follow This over a resolution seeking more expansive emissions targets.

• The activists have moved to dismiss the case now that they've abandoned the resolution and vowed not to re-file it.
• They accuse Exxon of trying to bully and silence advocates of tougher climate action.
• Exxon argues the case should continue because SEC's interpretation is allowing resolutions "designed to disrupt" business and "harm" shareholders.

The bottom line: K Street has entered the chat.