California Treasurer Fiona Ma, a board member of the state’s two large pension systems, has urged both to vote against two Exxon directors due to the company’s unusual lawsuit against small investors. Exxon filed the suit in January to block a shareholder climate resolution, bypassing the usual regulatory process to ward off activist measures. Some activist investors have called for votes against CEO Darren Woods and Lead Independent Director Joseph Hooley at Exxon’s May 29 online-only annual meeting. Ma stated that Exxon’s actions pose a serious threat to shareholder rights and require a strong response. The pension systems, CalPERS and CalSTRS, own more than 14 million Exxon shares.

Source: Reuters