America's largest state pension fund to oppose Exxon board election

CalPers, America's largest state pension fund, announced plans to oppose the Exxon board election at the company's upcoming annual meeting.

Officials with CalPers cited Exxon's lawsuits this year against activist investors Follow This and Arjuna Capital. Exxon reportedly filed suit against the companies to block a shareholder proposal related to climate change.

“Decades of shareholder rights are under threat from a lawsuit filed by the leaders of a powerful U.S. corporation, designed to punish two small groups that dared to speak truth to power,” CalPers officials said. “If ExxonMobil succeeds in silencing voices and upending the rules of shareholder democracy, what other subjects will the leaders of any company make off limits? Worker safety? Excessive executive compensation?"

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