BlackRock, J.P. Morgan, others should vote against 2 Exxon directors – pension funds

A group of pension fund trustees, state treasurers and government fiscal officers are urging the world’s largest money managers, including J.P. Morgan Chase, BlackRock and Goldman Sachs, to vote against Exxon Mobil Executive Chair and CEO Darren Wood and Joseph Hooley, independent director and nominating and governance committee chair, at the company’s shareholder meeting on May 29.

The coalition of 13 leaders includes three trustees of the $485.8 billion California Public Employees’ Retirement System, Sacramento, including Theresa Taylor, board president; Brad Lander, New York City comptroller and administrative head of the $254.4 billion New York City Retirement Systems; and Tobias Read, Oregon state treasurer and member of the Oregon Investment Council, which oversees the $93.6 billion Oregon Public Employees Retirement System, Tigard.

The group is calling for a change in Exxon Mobil's leadership because the company is suing two shareholder groups that want it to take more action on climate change.

"We believe that Exxon Mobil’s attempts to undermine shareholder rights reflect a fundamental failure of board oversight and a waste of corporate assets on litigation,” the coalition’s letter said.

They called on the money managers that together own a 38% stake in Exxon Mobil to protect shareholders’ voices because their votes “will be critical in determining the outcome of this month’s director elections.”

Separately, CalPERS CEO Marcie Frost on May 20 said the fund will vote against all directors on Exxon Mobil’s board but would not divest its holdings in the company.

J.P. Morgan and Goldman Sachs declined to comment. BlackRock could not be immediately reached for comment.