The California Public Employees Retirement System (CalPERS), the largest public pension fund in the country, announced on May 21 that it has chosen to take action against ExxonMobil at the company’s May 29 annual shareholder meeting. Because of a lawsuit filed by Exxon against two small shareholders – Arjuna Capital and Follow This – CalPERS decided to vote against all 12 of the company’s directors and its CEO.

Elected officials from 19 Republican states on May 24 responded to CalPERS action against ExxonMobil, writing a letter to asset managers encouraging them not to punish the company and its directors and, instead, to acknowledge their support for legitimate shareholder interests.

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