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CalPERS to vote against all 12 Exxon directors, citing lawsuit

Published 05/20/2024, 12:26 PM
Updated 05/20/2024, 12:46 PM
© Reuters. FILE PHOTO: The logo of American multinational oil and gas corporation ExxonMobil is seen during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS/Chris Helgren/File Photo
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(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.

© Reuters. FILE PHOTO: The logo of American multinational oil and gas corporation ExxonMobil is seen during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS/Chris Helgren/File Photo

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.

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