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US pension giant weighs vote against Exxon CEO over climate lawsuit

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By illuminem briefings

· 2 min read

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

🗞️ Driving the news: The largest U.S. public pension fund, Calpers, is contemplating a vote against the re-election of ExxonMobil CEO Darren Woods, expressing concern over Exxon’s lawsuit against climate-focused shareholder activists

🔭 The context: ExxonMobil pursued legal action against Dutch group Follow This and U.S. firm Arjuna Capital, aiming to halt their resolution demanding the oil giant cut its greenhouse emissions
• This move has spurred debates over shareholder rights and corporate governance

🌍 Why it matters for the planet: Exxon’s aggressive stance against climate resolutions reflects a broader tension between corporate interests and environmental advocacy
• This case illustrates significant challenges in pushing major oil companies toward greener practices

⏭️ What's next: With the annual meeting set for May 29, the pension fund’s decision could influence other investors and signal a broader shift in shareholder activism, potentially impacting how companies address environmental and governance issues

💬 One quote: “Exxon has gone well beyond any other company that we’re aware of in terms of suing shareholders for trying to bring forward a proposal," said Michael Cohen, COO of Calpers

📈 One stat: Calpers holds a 0.2% equity stake in Exxon, valued around $1 billion

Click for more news covering the latest on ESG

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