· 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
