CalPERS to vote against all 12 Exxon directors, citing lawsuit

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May 20, 2024 12:26 PM EDT

FILE PHOTO: The logo of American multinational oil and gas corporation ExxonMobil is seen during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS/Chris Helgren/File Photo

(Reuters) - The California Public Employees' Retirement System said on Monday it will vote against all 12 director nominees at Exxon, citing the company's lawsuit against activist investors.

The system known as CalPERS said in a letter to its members posted online that if successful, Exxon's legal action "could diminish the role—and the rights—of every investor in improving a company’s bottom line."

Exxon's shareholder meeting is set for May 29.

(Reporting by Ross Kerber, Editing by Franklin Paul)


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