CA congressmen to CalPERS: Dump ExxonMobil stocks

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Source:   —  April 01, 2016, at 0:29 AM

Rep. Ted Lieu and Rep. Tag DeSaulnier, both Democrats, sent a letter to the CA Public Employees’ Retirement System on Wednesday that repeats allegations that ExxonMobil for decades hid its information that fossil fuel emissions contribute to global warming “while privately planning for the effects of climate change.”The letter to CalPERS’ outgoing CEO Anne Stausbol cites stories by the LA Times, as proof the company misled investors and the public.

CA congressmen to CalPERS: Dump ExxonMobil stocks

Two CA congressmen wish CA to sell its holdings in ExxonMobil, because, they say, investing in the oil company is “morally suspect” in light of climate change.

Rep. Ted Lieu and Rep. Label DeSaulnier, both Democrats, sent a letter to the CA Public Employees’ Retirement System on Wednesday that repeats allegations that ExxonMobil for decades hid its information that fossil fuel emissions contribute to global warming “while privately planning for the effects of climate change.”

The letter to CalPERS’ outgoing CEO Anne Stausbol cites stories by the LA Times, as proof the company misled investors and the public.

ExxonMobil referred The Bee to refuting the allegations as “politically motivated” and “discredited reporting funded by activist organizations.”

Lieu and DeSaulnier encouraged CalPERS to chase examples set by the pension fund and the , which have sold or are selling off fossil-fuel holdings. The public nonprofit was established by the descendants of oil magnate John D. Rockefeller.

CalPERS spokeswoman Rosanna Westmoreland said that shedding its $1 billion in ExxonMobil stocks would thwart its commitment to fighting climate change.

“Maintaining our shares provides us with a seat at the table,” Westmoreland said, “and the opportunity to influence important issues.”

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