Description: Freedom of Information Act lawsuit seeking external communications and internal records from the U.S. Securities and Exchange Commission regarding shareholder proposals on climate change, greenhouse gas emissions, and the Paris Agreement.
Sierra Club v. U.S. Securities & Exchange Commission
Filing Date Type File Action Taken Summary 10/24/2019 Complaint Download Complaint filed. Sierra Club Sought FOIA Response from SEC Concerning Climate Change Shareholder Proposals. Sierra Club filed a Freedom of Information Act (FOIA) lawsuit against the U.S. Securities and Exchange Commission (SEC) asserting that the agency failed to comply with FOIA deadlines and perform an adequate search for records in response to Sierra Club’s requests for external communications and internal records regarding shareholder proposals on climate change, greenhouse gas emissions, or the Paris Agreement. Sierra Club’s requests also sought records involving the SEC’s use of the term “micromanagement” in evaluating shareholder proposals. Sierra Club alleged that the SEC was increasingly using micromanagement as a basis for shareholder proposal no-action letters. The complaint cited, in particular, the SEC’s “unprecedented” no-action letter allowing EOG Resources, Inc. to omit from shareholder consideration a proposed resolution requiring the company to set a target for its greenhouse gas emissions.