Here's your summary from Why CalPERS Opposes Entire Slate of Exxon Directors (https://www.youtube.com/watch?v=PLRvh9PTXJE) on the Bloomberg Television channel:

**TLDR:** CalPERS is voting against all 12 directors on the Exxon board, including the CEO, due to a governance failure and disagreement over litigation.

1. CalPERS believes there is a governance failure by the Exxon board, leading them to vote against the entire board and CEO.

2. The disagreement stems from a proposal in 2023 related to climate issues, which Exxon is trying to redefine as ordinary business to limit shareholder proposals.

3. Other large shareholders, such as New York, CalSTRS, Norges, and Glass Lewis, have expressed similar concerns about the litigation, but their approach to voting differs from CalPERS.

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