Reported 4 months ago
The CEO of Calpers, the largest public pension in the US, warned that Exxon Mobil Corp.'s lawsuit against shareholders over a climate-related proposal could set a dangerous precedent beyond climate issues, potentially impacting governance matters like board independence and executive pay. Calpers voted against Exxon's board members at the annual meeting and criticized the oil giant for its lawsuit, which they believe threatens to silence shareholders and undermine their role in improving company performance. Despite efforts to reach an agreement, Exxon chose to continue the legal action, arguing that allowing failed proposals undermines the shareholder process, while Calpers and other environmentally focused investors fear a chilling effect on legitimate concerns about climate change and corporate governance.
Source: YAHOO