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EOG Resources Moczygemba Unit in Karnes County, TX. Daniel Olinick / Flickr

The Securities and Exchange Commission (SEC) has blocked a shareholder resolution to set greenhouse gas-emissions targets, setting a troubling precedent for shareholders who want to use their collective power to fight climate change, Axios reported Monday.

The investment firm Trillium Asset Management had intended to propose a resolution at an annual shareholders' meeting this spring calling on EOG Resources, the largest oil-producer in Texas, to set dates for reducing greenhouse gas emissions. But EOG complained to the SEC in December, asking the government agency to bar the resolution from a vote on the grounds that it would "micro-manage" the company.

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