CalPers is withholding its support for Exxon CEO Darren Woods after the company sued environmentally-focused activist investors.
CalPERS said it wouldn't support Exxon Mobil's full director slate and CEO Darren Woods because the company is continuing with a lawsuit against two activist investors.
Even with the activists backing off, Exxon has continued its lawsuit to prevent the activists from ever again submitting such a proposal. "If ExxonMobil succeeds in silencing voices and upending the rules of shareholder democracy, what other subjects will the leaders of any company make off limits?" CalPERS CEO Marcie Frost and board president Theresa Taylor said in the letter. "Worker safety? Excessive executive compensation?"
Exxon could have potentially prevented the shareholder proposal from going public without a lawsuit by asking the SEC for an exclusion, which is a common practice. But Exxon went ahead with litigation, and said it's seeking "clarity on a process that has become ripe for abuse."
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