CalPERS is supporting six of the eight shareholder resolutions to be voted on at ExxonMobils annual meeting May 30, including three proposals challenging the companys response to global warming and other environmental issues. The $152 billion California Public Employees Retirement System, Sacramento, supports a policy of promoting renewable energy sources, because, as the resolution states, of "increasing evidence of global warming, caused in part by fossil fuel burning.
It also supports the preparation of a report on potential environmental damage from oil exploration in the Arctic National Wildlife Refuge; CalPERS believes the report would pose no long-term harm to the company. The pension fund also backs consideration of non-financial factors, including social and environmental concerns, in determining compensation for top executives.
CalPERS owns 15.8 million shares. ExxonMobil has almost 3.5 billion shares outstanding.