Tell CalPERS to Exit Exxon!

Exxon is committed to a business model that is fueling the climate crisis and it is shutting down shareholders attempting to steer the company towards a more sustainable business model. Exxon’s oil and gas operations continue to harm the environment and frontline communities, and the company has sued shareholders who’ve pushed the corporation to implement climate targets.

The California Public Employees’ Retirement System (CalPERS), the country’s largest public pension fund, holds an estimated $9.4 billion in fossil fuel companies, including Exxon. It took action against Exxon by mobilizing state treasurers and pension funds across the globe to vote against the corporation’s executive board in response to its attacks on shareholder rights. However, Exxon’s Executive board remains in place, and it continues to avoid accountability and ignore CalPERS’ calls to align with the pension fund’s sustainability values. It is time for CalPERS to take more aggressive action and exit their investment from Exxon.

Sierra Club California is organizing alongside environmental, labor, and community organizations to demand that CalPERS exit Exxon at CalPERS’ Investment Committee Meeting on September 16th at 8:30 AM. Send in a comment and RSVP at this link to join us in person or call into the meeting at (800) 259-4105 to call on CalPERS to exit Exxon.

If you’re joining us in person or calling in, please reference these talking points and expect to share a one-minute comment at the meeting. If you’re joining remotely, call (800) 259-4105 to join the comment queue.

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Exit Your Investment in Exxon Now

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Dear CalPERS Board Members, Exxon’s lawsuit against its own shareholders shows that it is committed to a business model that is fueling the climate crisis. CalPERS took important action to engage with Exxon by voting against its Executive Board, but as Exxon’s anti-climate leadership remains in place, it is clear that CalPERS must escalate. CalPERS must exit Exxon now to protect the retirement security of millions of public employees from Exxon’s unsustainable business model and its refusal to change its irresponsible practices. CalPERS has the opportunity to meet the high sustainability standards it set for itself and be a leader for other investors who are serious about climate risks and the right to engage in shareholder democracy. Marcie Frost, CalPERS CEO, says it best: “ExxonMobil’s decision to sue a group of shareholders strikes at the very heart of our mission as a public pension fund.” Now is the time for CalPERS to take back its power from a company that has shown that it will not respond to shareholder engagement or implement tangible environmental goals. As executives of the nation’s largest public pension fund, thank you for considering how your exit from Exxon will strengthen shareholder democracy and protect the economic security of millions of Californians. Thank you,

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