Calpers, the US’s biggest public pension plan, is considering a vote against ExxonMobil chief executive Darren Woods’ re-election to the company board as shareholder discontent brews over a lawsuit it filed against two climate-focused investors.
Exxon sued Dutch shareholder group Follow This and US investment adviser Arjuna Capital to block a resolution they introduced demanding it do more to cut its greenhouse gas emissions. The oil supermajor has persisted with the lawsuit in US federal court even after the duo withdrew their proposal.
Michael Cohen, chief operating investment officer at Calpers, said in an interview that the $463bn pension fund was “deeply concerned” about the case, warning it appeared to be an effort to silence critical shareholders.