Calpers, California’s public pension fund and the largest of its kind in the United States, will vote against all ExxonMobil directors at the next general meeting of shareholders on May 29 after denouncing that the oil giant is undermining the rights of shareholders.

The multinational sued two environmental activist investors earlier this year and accused them of abusing the shareholder proposal process. However, even though these investors withdrew their proposals, Exxon chose to move forward with the motion seeking legal costs and other compensation.

Likewise, it has asked the courts to clarify how the North American Securities and Exchange Commission (SEC) interprets its own regulations.

For its part, Calpers, which has assets under management of around $490 billion (€451,023 million) and controls 0.2% of Exxon, has maintained that the current SEC process is “well established” and ” has given shareholders a voice for decades.”

“This lawsuit could have an intimidating effect on future shareholder proposals in the United States,” he summarized in a statement to which ‘Bloomberg’ has had access and which has been collected by Europa Press.

Proxy advisory firm Glass Lewis has also recommended shareholders vote against the reelection of Exxon’s top independent director, citing what it called “unusual and aggressive tactics” by the company.