Investors are urging firms to keep shareholder disputes out of court, highlighting a recent lawsuit involving ExxonMobil. The conflict escalated when CalPERS, the largest public pension fund in the US, attempted to organize a shareholder revolt against ExxonMobil. CalPERS CEO Marcie Frost criticized ExxonMobil for potentially setting a dangerous precedent by suing shareholders over a climate-related proposal. Despite these efforts, ExxonMobil's board and CEO survived the ouster push by a wide margin, with 95% of shareholders voting to keep the board in place. The result underscores the significant support ExxonMobil retains among its shareholders, despite the ongoing feud with activist investors.
'Engagement' with oil companies doesn't work, part 8,976: Despite efforts from California's pension fund to oust Exxon board members, they cruise to reelection with 95% of the vote. Time To Divest https://t.co/tmqcuEBKQl
Exxon stockholders side with oil giant in feud with Calpers and activist investors https://t.co/lWZKsqqvov by @alexiskweed
Today, a group of the world's largest LPs, including Calpers and Norway's Norges Bank Investment Management, failed to remove board members at ExxonMobil after a spat over shareholder rights. Instead, 95% of shareholders voted to keep the board in place. https://t.co/0su3Rj7ERM
Exxon board, CEO survive ouster push by CalPERS, other large pension funds - PIOnline
Exxon Wins Board Vote by Wide Margin https://t.co/wt8ubIGzZe
Exxon may set a dangerous precedent by suing shareholders over a climate-related proposal, Calpers CEO Marcie Frost said https://t.co/LToF0eMovo
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
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