Statement on third CalSTRS-backed director joining ExxonMobil board
WEST SACRAMENTO, Calif. (June 3, 2021) – CalSTRS issued the following statement today regarding the preliminary voting results at ExxonMobil’s Annual Shareholder Meeting in which a third director nominated by Engine No. 1 and supported by CalSTRS from the beginning was elected by shareholders to the ExxonMobil board:
Shareholders have the power to effect change at even the most resistant companies and contribute to the sustainable value of their investments.
This historic board election will strengthen ExxonMobil for the future.
All three new independent directors will help equip the board with the skills it needs to drive systemic change and prepare for the global energy transition.
We will continue to actively engage companies in our portfolio to prepare for the global transition while maximizing returns for California’s educators.
CalSTRS provides a secure retirement to more than 975,000 members whose CalSTRS-covered service is not eligible for Social Security participation. In 2019–20, members retired on average after more than 24 years in the classroom with a monthly benefit of approximately $4,614. Established in 1913, CalSTRS is the largest educator-only pension fund in the world with approximately $299.8 billion in assets under management as of April 30, 2021. CalSTRS demonstrates its strong commitment to long-term corporate sustainability principles in its annual Global Reporting Initiative Sustainability Report. For more information, visit CalSTRS.com.