It could be the nuclear option to silence rebellious investors. A libertarian activist has hit back at ExxonMobil’s environmental critics by tabling a resolution that would outlaw shareholder social activism.

The Free Enterprise Action Fund, which controls $11m (£5.5m) of assets, has proposed amending Exxon’s articles of association to prevent the oil company’s shareholders from putting forward advisory resolutions at annual meetings.

The fund’s managing partner, Steven Milloy, opposes a coalition led by the Rockefeller family that is calling on Exxon to pay more attention to global warming. “They’re not bona fide shareholders,” Milloy says. “They’re not shareholders who are invested in Exxon because they think it’s a good investment – they’re shareholders who want to use Exxon to advance their social and political agenda.” [Exxon investors propose ban on green activism. Guardian. May 27 2008]

Looks like somebody in Exxon could not stand it anymore.

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