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ExxonMobil chief says Calpers is neglecting members’ interests in AGM vote

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By illuminem briefings

· 1 min read

illuminem summarizes for you the essential news of the day. Read the full piece on the Financial Times or enjoy below:

🗞️ Driving the news: ExxonMobil's CEO, Darren Woods, accused Calpers, the largest US public pension fund, of neglecting its members' interests by organizing a shareholder revolt against Exxon’s climate policies, potentially harming the company financially

🔭 The context: Calpers criticized Exxon for suing climate-focused investors who submitted proposals urging the company to reduce greenhouse gas emissions
• Woods argued that the lawsuit aimed to clarify shareholder proposal rules, not to challenge shareholder rights

🌍 Why it matters for the planet: The dispute underscores the tension between corporate governance and climate action, highlighting the challenges in pushing major energy companies toward more aggressive climate policies

⏭️ What's next: Calpers and other major investors plan to vote against the re-election of Exxon’s board at the upcoming annual meeting, aiming to pressure the company to drop its lawsuit and adopt more climate-friendly policies

💬 One quote: "Calpers' fiduciary duty is not furthered by their attack on our company... They should leave politics to the politicians," wrote Darren Woods, ExxonMobil CEO

📈 One stat: Calpers owns about 0.2% of ExxonMobil, equivalent to $1 billion in shares

Click for more news covering the latest on carbon market

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