On May 20, 2024, The California Public Employees' Retirement System (CalPERS) announced that it would vote against all of Exxon Mobil Corporation's board members, saying the Company's lawsuit against two sustainable investment firms could have severe repercussions. CalPERS stated that the Company sued Arjuna Capital and Follow This in January, seeking to block a shareholder proposal that called for the Company to accelerate the pace of greenhouse-gas-emission reductions, including from the Company itself and its customers. The Company stated that it has engaged with CalPERS on this matter and do not understand how they can make such a fiduciary decision to vote against a board that has overseen the creation of industry-leading shareholder value.

The Company added that it welcomes working with CalPERS and others to address issues in the shareholder proposal process.