(Reuters) - The California Public Employees' Retirement System said on Monday it will vote against all 12 director nominees at Exxon (NYSE:XOM), citing the company's lawsuit against activist investors.
The system known as CalPERS said in a letter to its members posted online that if successful, Exxon's legal action "could diminish the role—and the rights—of every investor in improving a company’s bottom line."
Exxon's shareholder meeting is set for May 29.