Shareholder Climate Action Has Companies Calling Lawyers on ESG

Exxon Mobil Corp. and Chevron Corp. shareholder activism is spurring rivals to seek law firms’ help in navigating the world of environmental, social and corporate governance.

“We got a lot of phone calls from oil and gas companies that said, ‘I guess I should start paying attention to this now,’” said Travis Wofford, chair of the Houston corporate practice at Baker Botts LLP. “‘You’ve been telling us for years.”

Climate-activist shareholders in May won three seats on the Exxon Mobil board, and Chevron shareholders that same month approved a resolution requiring the company to cut emissions from its customers. The ...