CalPERS Asked to Drop Exxon Mobil Holdings


( Photographer: Ken James/Bloomberg)

Two California congressmen are asking the state's nearly $300-billion pension fund, the largest of its kind in the U.S., to follow in the footsteps of the Rockefeller family and divest from Exxon Mobil Corp.

The California Public Employees' Retirement System (CalPERS) has already been directed by a new state law to shed millions of dollars worth of investments in companies that produce coal for energy generation in light of the industry's ailing finances and contribution to climate change.

But CalPERS has held onto others in the fossil fuel industry, including more than $1 billion worth of Exxon Mobil shares, as it tries to use shareholder engagement to address climate-related concerns.

Bloomberg BNA reporter Andrea Vittorio reports for subscribers in "CalPERS Asked to Drop Exxon Mobil Holdings."