CalPERS, the nation's biggest public pension fund, makes good on its support of shareholder rights by voting against all 12 Exxon directors.
Exxon Mobil can't say it wasn't warned. Having opted to continue its lawsuit against two activist investor groups even after they withdrew a shareholder proposal the company management opposed, the giant oil company had gotten flayed by shareholder advocates for its bullying.
What makes the lawsuit seem especially cynical is that the investors' proposal, like all such proposals, are not binding on management — they're advisory only. Moreover, as Frost pointed out, similar proposals in 2022 and 2023 failed to garner majority support from shareholders, winning only 10.5% of votes in 2022 and 27% last year. 'Exxon won,' Frost said. It's unlikely that CalPERS' action will result in the board's ouster.
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