CalPERS will oppose ratifying PricewaterhouseCoopers as auditor of Exxon Mobil Corp., Irving, Texas, at the companys annual meeting May 29 because the accounting firm performed non-audit work.
Also, the $151 billion California Public Employees Retirement System, Sacramento, will withhold votes for the six directors who are members of the Exxon Mobil boards audit committee and who authorized PwC to perform nonaudit work. CalPERS will support the other seven directors being nominated by the company. Institutional Shareholder Services supports ratifying PwC as auditor and endorses all the director nominees.
Also, CalPERS will support seven of the eight shareholder proposals at Exxon Mobil, including three calling for the promotion of renewable energy resources, the adoption of a sexual-orientation antibias policy, and shareholder approval of any poison pill anti-takeover devices.
ISS supports only those three of the shareholder proposals.