The three largest U.S. pension funds are backing a bid by hedge
fund firm Engine No. 1 to replace board directors at Exxon Mobil.
The $460.8 billion California Public Employees’ Retirement
System, Sacramento, the $291.7 billion California State
Teachers’ Retirement System, West Sacramento, and the $247.7
billion New York State Common Retirement Fund, Albany, are
joining the newly formed hedge fund firm in challenging the slate
of directors backed by Exxon Mobil that will be up for election
at the energy company’s May 26 annual meeting.