Exxon faces opposition from CalPERS after 'devastating' anti-ESG activist suit
Publishing timestamp: 2024-05-20 13:42:25
Summary
CalPERS will not support Exxon Mobil's director slate and CEO due to the company's lawsuit against activist investors. The activists had submitted a shareholder proposal around environmental disclosures and targets, which Exxon sued to block. Despite the activists withdrawing the proposal, Exxon continues with the lawsuit, leading CalPERS to oppose all of Exxon's director nominees and CEO at the upcoming shareholder meeting. Exxon's actions are seen as threatening shareholder activism efforts and CalPERS is urging other shareholders to follow its lead in not being silenced by the company.
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Keywords: business news, breaking news, exxon mobil corp, social issues, mergers and acquisitions, oil and gas, breaking news: business, environment, activism, labor economy, business,
Source: https://www.cnbc.com/2024/05/20/exxon-activist-lawsuit-calpers-proxy-vote.html