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June 1, 2021 The Exxon Vote: Pension Supporters Stay Onboard to Advance Change CalPERS, CalSTRS, and NY Common helped push through outside directors at the oil leviathan, rather than unload its shares.   Sticking around and backing dissident board candidates worked. Instead of divesting from Exxon Mobil, the US’s biggest oil company, the nation’s three largest public pension funds pursued a successful strategy of advocating for change, and they just helped elect a pair of outside directors. Expect more of this tack against fossil fuel outfits.   Running counter to the trend of pension programs dumping fossil fuel stocks, these giant retirement systems the California Public Employees’ Retirement System (CalPERS), the California State Teachers’ Retirement System (CalSTRS), and the New York State Common Retirement Fund believe that, in most cases, working from within is the better way to promote change.

New yorkUnited statesKaisa hietalaChris ailmanThomas dinapoliGregory goffYork state common retirement fundExxon mobilCalifornia public employee retirement systemCalifornia state teacher retirement systemNew york state common retirement fundNew york commonNew york state comptroller thomas dinapoliBoard membersDaren woodsNew york state comptroller