By CalPERS Communications & Stakeholder Relations
Today we are announcing CalPERS will be voting against the CEO and Board of Directors at ExxonMobil. Marcie Frost will be making this announcement as part of a discussion she is having with the Editor of Pensions & Investments at a conference being hosted by the National Coalition of Public Retirement Systems. In addition, we are emailing a letter to all CalPERS members sharing this news and explaining why we are taking this action.
As a long-term shareholder in ExxonMobil, we have the ability to voice our concerns, influence a company’s governance practices and hold executives accountable through proxy voting. We are voting our proxies against the CEO and Board at Exxon’s May 29 annual meeting because they have taken the unprecedented step to file a lawsuit against a small group of shareholders who were trying to exercise their shareholder rights as owners of this public company.
We encourage you to read our letter to members that further explains why Exxon’s actions threatens decades of shareholder rights and why it is important for CalPERS to speak up on behalf of our members.