Introduction:

ExxonMobil’s court suit against two investors who filed a shareholder resolution on climate

change has resulted in a chorus of opposition by investors who vigorously opposed the

case with many publicly declaring that they are voting against members of the Board to

signal their deep concern. This outpouring of investor opposition is virtually unprecedented

and sends a clear signal to the Board and management that the suit was unwarranted

when there were other means to challenge the resolution at the SEC using a time-honored

process short of legal action.

Some investors have announced their plans to vote against directors while others have

issued public statements. Together these investors have ensured the Board and

management are hearing a strong message to change course and engage investors rather

than attacking them.

What follows is a summary of the investors who communicated their concerns publicly

using different methods.

Investors who stated they are publicly voting no on various directors include:

CalPERS

New York State Common Retirement Fund

CalSTRS

School Sisters of Notre Dame

Robeco SAM

United Church Funds

Brunel Pension Partnership Ltd

Norges Bank Investment Management

Rathbones

(In addition, there are numerous pension funds and managers who do not follow the

practice of predeclaring votes but plan to follow suit and vote against selected Directors)

Investors/groups who filed solicitations:

NYC Solicitation

Wespath and Mercy Solicitation

Illinois State Treasurer Michael Frerichs

Majority ActionCalPERS

Proxy Advisors who supported selected vote No

Glass Lewis

ISS – differing vote recommendations for various services, e.g. Conventional service

recommended a For Vote for Director Hooley “with caution” in light of the suit, while

services for Roman Catholic and SRI clients recommended a vote No

Investor leaders who urged major asset managers to hold the board accountable:

Brad Lander, New York City Comptroller

Fiona Ma, California State

Treasurer

Erick Russell, Connecticut

Treasurer

Zach Conine, Nevada State

Treasurer

Tobias Read, Oregon State

Treasurer

Mike Pieciak, Vermont State

Treasurer

Mike Pellicciotti, Washington State

Treasurer*

Brooke Lierman, Maryland State

Comptroller**

David McCall, Trustee, United Steelworkers International Union Staff

Pension Plan

Brandon Rees, Trustee, AFL-CIO Staff Retirement Plan

Theresa Taylor, CalPERS Board of Administration

Ramon Rubalcava, CalPERS Board of

Administration

Yvonne Walker, CalPERS Board of Administration

Fund names and affiliations are listed for identification purposes only.

* Washington State Treasurer Pellicciotti has signed on solely in his official capacity as

State Treasurer

**Maryland State Comptroller Lierman has signed on solely as an elected official

Statement of Concern:

Norwegian Oil Fund, Norway oil fund boss criticises ExxonMobil’s ‘aggressive’ climate

lawsuit

Resources:

Press Release on Wespath, Mercy Investment Services Solicitation : Shareholders and

State Pension Officials Make the Case Against Two ExxonMobil Directors

ICCR Press Release criticizing ExxonMobil attacks on shareholders in proxy statement