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CalPERS Votes Against ExxonMobil Directors for Anti-Shareholder Lawsuit

A group of people at desks using computers. The individual desks form a circle. One desk is pulled out from the rest in the upper right corner.

CalPERS voted against all sitting members of ExxonMobil’s board of directors, including Chief Executive Officer Darren Woods, at the company’s annual general meeting on Wednesday, May 29.

The votes, previewed in a letter CalPERS sent its members last week, were in response to ExxonMobil’s pending federal lawsuit against a shareholder group which submitted a non-binding proposal through a clear, transparent process that has been in place for decades.

ExxonMobil has continued the litigation even though the proposal was withdrawn.

“CalPERS did not take this vote lightly, but the significance of what’s at stake can’t be understated,” said CalPERS Chief Executive Officer Marcie Frost. “ExxonMobil’s lawsuit threatens to silence shareholders everywhere by stripping away their rights and role in improving a company’s bottom line.”

More details can be found in our news release.