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Other - MAY 27, 2021

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CalSTRS revamps ExxonMobil’s board

by Kali Persall

At least two directors nominated by Engine No. 1, an investment firm purpose-built to create long-term value by driving positive impact through active ownership, and supported by the California State Teachers' Retirement System (CalSTRS), were elected by shareholders to the ExxonMobil board at its annual shareholder meeting.

In February, the oil giant drew criticism from shareholders, such as CalSTRS, following its loss of $22 billion. CalSTRS called the financial loss proof of  “the continued erosion of shareholder value” and that incremental changes and piecemeal carbon investments are not enough to restore investor confidence and position the company for the global energy transition.

The pension fund went on to say that ExxonMobil’s plan to invest $3 billion over five years on carbon capture and lower-emission energy technologies is inadequate, as it represents a small percentage of Ex

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