The largest pension fund in the U.S. will vote against the ExxonMobil board at the upcoming board meeting, a move designed to stop the oil major's attempt to sue activist investors.
The United States ’ largest pension fund , CalPERS, will vote against the Exxon Mobil board at the upcoming May 29 board meeting, in a move designed to block the supermajor’s attempt to sue activist investors who are pressuring it to move more quickly on lowering emissions, Reuters reported on Monday. Activist investors have already withdrawn their resolution, but Exxon has continued to forge ahead with the lawsuit, attempting to recoup legal costs related and other expenses accrued in the interim.
At the same time, CalPERS administrative board president, Theresa Taylor, was said to have described Exxon’s move against the activist investors as part of a more intricate plan to derail ESG environmental, social, and governance investing in the sector. However, Exxon Mobil CEO Darren Woods has consistently defended the company’s actions, saying the activist investors are “not legitimate investors”. Recent disclosures show CalPERS holding an approximately 0.
Pension Fund Exxon Board Vote Supermajor Crude Oil Oil Majors Activist Investors
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