07:34 AM EDT, 05/10/2024 (MT Newswires) -- Exxon Mobil ( XOM ) Chief Executive Darren Woods may not have the vote of the California Public Employees' Retirement System for his reelection to the company board, the Financial Times reported Friday.

Calpers is "deeply concerned" about Exxon Mobil's ( XOM ) lawsuit against Dutch shareholder group Follow This and US investment adviser Arjuna Capital for a resolution demanding the company accelerate efforts to cut its greenhouse gas emissions, according to the report.

Michael Cohen, chief operating investment officer of the pension fund, said the case appeared to be an effort to silence critical shareholders, according to FT. "There doesn't seem to be anything other than an agenda of sending a message of shutting down shareholders' ability to speak their mind," Cohen said in an interview.

Exxon Mobil ( XOM ) and Calpers did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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