Pension Funds May Gang Up on Exxon:...

Pension Funds May Gang Up on Exxon: California’s state employee pension fund, the nation’s biggest, said it might back an attempt by other major Exxon Corp. shareholders to pressure the company to better prepare for future environmental disasters in the wake of its Alaskan oil spill. A spokesman for the California Public Employee Retirement System, which owns 8 million shares, amounting to about 0.6% of Exxon’s outstanding common stock, said it may back New York City’s pension plans’ proposal to vote their 6 million shares of Exxon against company management at the May 18 annual meeting of shareholders.