CalPERS Board: Exit Exxon!
At 9am on September 16th, CalPERS is having a board meeting that we as union members, beneficiaries, and community members are attending to demand the pension stop investing in ExxonMobil. We hope you can join us in Sacramento.
Background Info:
ExxonMobil is arguably the most heinous of all the fossil fuel companies, expanding its fossil fuel production and suing its own shareholders for putting forth sustainability proposals. CalPERS has already started taking steps against ExxonMobil, but these steps have not been assertive enough for ExxonMobil to meaningfully change anything. It is time to remind the CalPERS Board that ExxonMobil is beholden to us as pension holders and investors, and not the other way around. It is time to Exit Exxon.
Why Exxon & Why Now?
In a vote of no confidence last May at Exxon’s annual general meeting, the CalPERS Board voted against all twelve sitting board members of Exxon after the corporation filed a lawsuit against its own shareholders. While the vote was a slap on the wrist for Exxon as it continues to destroy communities, this action was significant for the CalPERS Board because it shows they are open to reconsidering their investments. The upcoming meeting is a great window for us to convince the CalPERS Board to divest from Exxon as a first step in staying true to their fiduciary responsibilities for CalPERS pension holders.