ExxonMobil is facing significant opposition from CalPERS, the largest public pension fund in the US. CalPERS is organizing a shareholder revolt against ExxonMobil, accusing the oil giant of neglecting its members' interests. The conflict has escalated to the point where ExxonMobil has filed a lawsuit against an activist investor over a now-withdrawn climate change proposal. CalPERS CEO Marcie Frost has criticized ExxonMobil's governance, citing it as a reason for voting against the entire slate of ExxonMobil directors. In a related move, CalPERS also plans to vote against Tesla CEO Elon Musk's $56 billion 2018 compensation plan, deeming it disproportionate to the company's performance. This decision comes despite CalPERS having previously supported the compensation package.
.@CalPERS reaped the benefits of that performance based incentive package due to Elon's hard work, and now they want to take it away from him while they keep hundreds of millions in gains. Not very fair. They even voted Yes for it in 2018. https://t.co/Iazy280lBq
Calpers, the largest state public pension fund in the US, tentatively plans to vote against a proposed $56 billion pay package for Tesla CEO Elon Musk https://t.co/77pRspCfmL
In 2018, @CalPERS owned 183,434 shares of $TSLA worth $40 million. The share price at the time of this report was $14.90. Because of what @elonmusk did, those shares are now worth $177 each — up 11.8x. That’s $40 million stake is now half a billion. And they’re voting no! https://t.co/lbTKDQPlO5
Exxon board, CEO survive ouster push by CalPERS, other large pension funds - PIOnline
Exxon may set a dangerous precedent by suing shareholders over a climate-related proposal, Calpers CEO Marcie Frost said https://t.co/LToF0eMovo
Wow, @CalPERS this is disgraceful! Pay @elonmusk what he earned. Vote how you admittedly knowingly voted in 2018. Vote in a way that is ACTUALLY going to benefit MY pension! $TSLA https://t.co/5tt1WWnY1l
Marcie Frost, CEO of California Public Employees Retirement System (CalPERS), cites "an absolute governance failure" when explaining why CalPERS is voting against the entire slate of Exxon Mobil directors https://t.co/TqJ8wW4jkh https://t.co/OvyvPQtA8S
"As of today, minus the conversation that is yet to happen with $TSLA, we would not be voting in favor of that proposal. We do not believe that the compensation is commensurate with the performance of the company," says CalPERS CEO Marcie Frost • Proxy proposal on Elon Musk's… https://t.co/mGlSSBPAck
"As of today, minus the conversation that is yet to happen with Tesla, we would not be voting in favor of that proposal. We do not believe that the compensation is commensurate with the performance of the company," says @CalPERS CEO Marcie Frost on @elonmusk's @Tesla pay package.…
California Public Employees Retirement system to vote to revoke Musk’s 2018 compensation plan They own a fraction of 1% of the company https://t.co/1Vdwf2ijaT
California Public Employees Retirement system to vote to revoke Musk’s 2018 compensation plan https://t.co/1Vdwf2hLll
"As of today, minus the conversation that is yet to happen with Tesla, we would not be voting in favor of that proposal. We do not believe that the compensation is commensurate with the performance of the company," says @CalPERS CEO Marcie Frost on @elonmusk's @Tesla pay package. https://t.co/ycaaJuUqiE
Just now on CNBC, Marcie Frost @CalPERS CEO says they will be voting against Elons comp package even though they voted for it in 2018. Cool cool Marcie loves to reneg on signed contracts. $TSLA https://t.co/Yys0YldknB
An activist investor sued by Exxon Mobil over a now-withdrawn shareholder proposal concerning climate change has again called on the oil giant to withdraw its suit after broadening its previous promise not to resubmit the proposal in the future. https://t.co/ACZEuQSS7H https://t.co/0rMNVpsIxF
Exxon plays hardball against climate NGOs. Will investors care? https://t.co/KZ4qwb8vm6
ExxonMobil has accused Calpers, the largest public pension fund in the US, of neglecting its members’ interests after the fund attempted to organise a shareholder revolt https://t.co/ShnbvwkK0B https://t.co/PoXYNhQdm4
TOMORROW: @CalPERS CEO Marcie Frost on the nation’s largest public pension fund taking on ExxonMobil and their plan to vote against the oil giant’s entire board. https://t.co/KULAelt6fb
ExxonMobil chief says Calpers is neglecting members’ interests by attempting to organise a shareholder revolt designed to punish the oil supermajor https://t.co/FOXouBNxvj via @ft
Highlighting Exxon lawsuit, investors urge firms to keep shareholder spats out of court https://t.co/7SgeEx1Lch
Highlighting Exxon suit, investors urge firms to keep shareholder spats out of court https://t.co/slv6SymCDy https://t.co/alr5V86D47