A recent example of this type of activism is provided by California Treasurer Fiona Ma, a board member of the mega California public pension funds, CalPERS and CalSTRS, and a candidate for Lt. Governor in 2026.  With no known expertise in the oil and gas industry or the governance of those companies that make up the industry, Treasurer Ma has publicly recommended that CalPERS and CalSTRS, holders of over 14 million shares of ExxonMobil shares, vote against the re-election of two key board members at ExxonMobil—CEO Darren Woods and Lead Independent Director Joseph Hooley.   A week later Ma got even more than she wished for when the CalPERS board decided to vote against all twelve of ExxonMobil’s board nominated directors.   

Ma’s opposition to the reelection of board nominated directors cannot be the result of ExxonMobil’s poor performance.  The market value of the company’s stock now exceeds $500 billion with a dividend rate over three percent per year.  The holding of ExxonMobil stock has been a good investment for CalPERS, CalSTRS and, most importantly, their participants and beneficiaries.