CONGRESSMEN LIEU & DESAULNIER ASK CalPERS TO DIVEST FROM EXXONMOBIL

March 31, 2016
Press Release

REPRESENTATIVES TED LIEU & MARK DESAULNIER ASK CalPERS TO DIVEST FROM EXXONMOBIL
Request is latest step in effort to bring accountability to ExxonMobil
in light of growing concerns about the company’s deception on climate science

Washington - Congressman Ted W. Lieu (D | Los Angeles County) and Congressman Mark DeSaulnier (D | San Francisco Bay Area) have written a letter to Ms. Anne Stausboll, the CEO of California Public Employees’ Retirement System (CalPERS), requesting that the agency divest from ExxonMobil.

The Lieu/DeSaulnier letter follows on the heels of the Rockefeller Family Fund’s announcement of its decision to divest from ExxonMobil, noting that the company’s deception on climate issues is “morally reprehensible.”

Mr. Lieu and Mr. DeSaulnier have been leading voices in Congress calling on the U.S. Securities and Exchange Commission and the Department of Justice to investigate ExxonMobil’s fraudulent practices on climate science.

In the letter, Mr. Lieu and Mr. DeSaulnier write:

“We commend CalPERS for its focus on ethics, and we believe that in the case of ExxonMobil,
it is morally suspect for CalPERS to invest in a company that engaged in morally reprehensible conduct
on one of the most important issues facing humanity: our climate.”

“We now know from various investigations that ExxonMobil has misled CalPERS, federal and state policymakers,
and the American public for decades on what its own scientists knew about climate change.”

“It is now time for CalPERS to take action and divest from ExxonMobil. 
As the nation's largest public pension fund, CalPERS can set a visionary example for other funds to follow.”

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The full text of the Lieu/DeSaulnier letter can be found here.

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