In a recent development, a federal judge in Texas has granted Exxon Mobil the permission to proceed with its lawsuit aimed at barring a climate change proposal put forward by activist investor Arjuna Capital. However, the judge dismissed the oil giant's suit against a second investor, Follow This, on the grounds that the firm is based in the Netherlands.

U.S. District Judge Mark Pittman, overseeing the case in the Northern District of Texas, ruled that Exxon's lawsuit against Arjuna Capital can move forward. The lawsuit was filed by Exxon in January after the two investors submitted a proposal calling for the company to accelerate its carbon dioxide emissions reductions.

Although Arjuna Capital and Follow This subsequently withdrew their proposal, Exxon proceeded with its claims against both firms, citing concerns that similar proposals could be introduced at future shareholder meetings. According to Securities and Exchange Commission rules, companies have the right to exclude shareholder resolutions if they pertain to ordinary business operations or are substantially similar to previous proposals within the past five years.

Judge Pittman described Arjuna Capital and Follow This as following a "Trojan Horse" model, wherein they gather sufficient shares in oil companies to vote on and submit proposals aimed at combating climate change. The judge also noted that Exxon should not be faulted for being skeptical of these activist investors, emphasizing that the company's stance is a rational response to entities that are fundamentally opposed to the oil industry.

In his ruling, Judge Pittman stated that Arjuna Capital could make slight modifications to its withdrawn 2024 proposal and submit it to future shareholder meetings. This decision reflects the judge's acknowledgment of Exxon's concerns regarding potential future proposals.

Arjuna Capital, a sustainable investment firm, has not yet responded to CNBC's request for comment on the matter.

This lawsuit has raised concerns about the future impact that such shareholder resolutions could have on Exxon Mobil. The ruling by Judge Pittman allows for a further exploration of the legal implications surrounding climate change proposals within the context of shareholder resolutions.