CalPERS Moves to Oust ExxonMobil Board Over Anti-Activist Lawsuit

The largest US public pension fund opposes all 12 directors, citing threats to shareholder democracy and climate action.

• CalPERS, managing nearly $500 billion, will vote against Exxon's entire board at the upcoming annual meeting.
• The decision follows Exxon's lawsuit against two activist groups that had proposed climate-related resolutions.
• Exxon continued the lawsuit even after the activists withdrew their proposal, aiming to prevent future submissions.
• CalPERS argues the lawsuit undermines shareholder rights and could set a dangerous precedent for corporate governance.
• Exxon defends its actions, claiming the lawsuit seeks clarity on shareholder proposal rules to prevent abuse.

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