CalPERS, the $484 billion pension fund manager, said in a letter on Monday it would vote in opposition to all of Exxon’s 12 director nominees and its CEO Darren Woods at the shareholder meeting next week as a result of the company’s potentially “devastating” effort to quash the two activists, Arjuna Capital and Follow This. CalPERS has a $1 billion stake in Exxon.
The two activists submitted a shareholder proposal that would have forced the company to reduce direct emissions and set a target for lowering emissions at suppliers and customers. Exxon sued the investors in Texas federal court in January, prompting them to withdraw the proposal.
Even with the activists backing off, Exxon has continued its lawsuit to prevent the activists from ever again submitting such a proposal.
CalPERS said in its letter that Exxon’s “reckless” lawsuit threatened shareholder activism efforts on any issue.
“If ExxonMobil succeeds in silencing voices and upending the rules of shareholder democracy, what other subjects will the leaders of any company make off limits?” CalPERS CEO Marcie Frost and board president Theresa Taylor said in the letter. “Worker safety? Excessive executive compensation?”
CalPERS said it’s urging other shareholders to follow its lead “to send a message that our voices will not be silenced.”
Exxon could have potentially prevented the shareholder proposal from going public without a lawsuit by asking the SEC for an exclusion, which is a common practice. But Exxon went ahead with litigation, and said it’s seeking “clarity on a process that has become ripe for abuse.”
“We believe activists with minimal or even no shares should not be permitted to re-submit proposals that do not grow long-term shareholder value,” the company said in a post on its website.
Exxon has faced down activist investors in the past.
In 2021, Engine No.1 ran a campaign that landed the firm three board seats. Engine No. 1 had a 0.02% stake, compared to CalPERS’ current ownership of about 0.2%.
That campaign garnered support from a number of institutional investors, including CalPERS, in its effort to overhaul Exxon’s disclosure standards and reconsider the company’s place in a zero-carbon world.
CalPERS is now opposing those same three directors, Greg Goff, Kaisa Hietala and Andy Karsner, that it helped elect. Another activist investor, Inclusive Capital founder Jeff Ubben, is also on Exxon’s board.
“We hope ExxonMobil’s directors will reconsider the lawsuit, an effort that seems more suited to schoolyard bullying than corporate leadership,” CalPERS wrote in its letter.
US President Donald Trump receives a gold helmet with his name on it during a visit to US Steel – Irvin Works in West Mifflin, Pennsylvania, May 30, 2025, to mark the ‘partnership’ between Nippon Steel and US Steel.
Saul Loeb | AFP | Getty Images
President Donald Trump issued an executive order on Friday approving U.S. Steel’s merger with Japan’s Nippon Steel, after the companies signed a national security agreement with the U.S. government.
U.S. Steel and Nippon said the national security agreement will give the U.S. government a “golden share” and makes certain commitments related to governance, domestic production, and trade. The companies did not elaborate on what powers the U.S. government will wield with its golden share.
“All necessary regulatory approvals for the partnership have now been received, and the partnership is expected to be finalized promptly,” U.S. Steel and Nippon said in a statement.
The national security agreement calls for Nippon to make $11 billion in new investments by 2028, including initial spending on a greenfield project that will be completed after 2028, the companies said.
Trump said Thursday that the golden share gives the president “total control” without elaborating. Pennsylvania Sen. Dave McCormick told CNBC last month that the golden share will effectively allow the government to control a number of board seats.
Trump opposed U.S. Steel‘s controversial sale to Nippon in the runup to the 2024 president election, as Republicans and Democrats have leaned into protecting U.S. companies against foreign competitors.
But Trump started softening his opposition to the takeover after assuming office, ordering a new review of the deal in April. President Joe Biden had blocked U.S. Steel’s sale to Nippon during his final days in office, citing national security concerns, despite Japan being a close ally.
Trump has avoided calling the deal an acquisition or merger, describing it as a “partnership” in a May 23 post on his social media platform Truth Social. He insisted that U.S. Steel will remain “controlled by the USA” during a speech to workers at one of the company’s plants outside Pittsburgh on May 30.
U.S. Steel made clear it would become a “wholly owned subsidiary” of Nippon North America under the terms of the merger agreement in an April 8 filing with the Securities and Exchange Commission. Trump’s description of the deal as a “partnership” caused confusion among investors and union leadership.
The president told U.S. Steel workers that Nippon will be a “great partner.” The Trump administration is currently engaged in trade talks with Japan as investors eagerly await signs that the U.S. will strike deals with key partners that avoid steep tariffs.
Trump told the steelworkers that Nippon had agreed to keep U.S. Steel’s blast furnaces operating at full capacity for a minimum of 10 years. The president said the deal would not result in layoffs and promised there would be “no outsourcing whatsoever.” He said workers will receive a $5,000 bonus.
Trump announced that he was doubling U.S. tariffs on steel imports to 50% during his remarks to U.S. Steel workers. Those tariffs went into effect on June 4.
European EV charging provider Allego has launched what is says is Europe’s first rollout of the “world’s safest and most secure” Plug & Charge technology.
The new tech is based on the open industry standard OCPP 2.0.1 and promises to make EV charging as easy as, well, plugging in your car. Forget apps, cards, and complicated sign-ins. If your EV is compatible, all you have to do is pull up and plug in.
Jean Gadrat, Allego’s CMO, said, “By removing digital friction points, apps, and cards, we give drivers the confidence to travel further and charge more conveniently. Whether in the city, on the highway, or abroad, Plug & Charge delivers the same secure, one-step charging experience.”
Here’s how Allego’s Plug & Charge works
Plug & Charge is an ISO 15118-based authentication and payment method built by Allego on OCPP 2.0.1, standardizing communication between OCPP-compliant chargers and networks.
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Once your car is enabled for Plug & Charge, the process is completely hands-off. You plug in, and your EV and the charger swap secure digital certificates to authenticate your account. There’s no need to tap an RFID card, open an app, or even press a button.
Allego’s system supports Mutual TLS encryption and certificate-based authentication, so only authorized vehicles can charge. That means no billing mistakes or fraudulent access, which has been a big concern with some older public charging setups.
Available across Europe now
Allego’s Plug & Charge functionality is at more than 5,000 fast and ultra-fast chargers across Europe, and it also works across partner networks, deploying a truly cross-network Plug & Charge experience.
It’s a future-ready platform, too. Thanks to OCPP 2.0.1, the protocol supports remote firmware updates, advanced security, and new features as they become available. So your charger can grow along with your EV.
“As new vehicle models and charging technologies emerge, OCPP 2.0.1 ensures your car always ‘speaks the same language’ as the charger,” said Manuel Trotta, Allego’s head of mobility solutions.
Allego partnered with Alpitronic, Hubject, and Ford to bring its cross-network Plug & Charge to life.
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Kia is looking to shake things up with its new custom-tailored Platform Beyond Vehicles (PBVs). The PV5, Kia’s first electric van based on the platform, is already showing how versatile it is. After the PV5 was spotted for the first time with an open bed, Kia looks about ready to drop an electric truck variant.
Is Kia launching an electric truck PV5 variant?
At the 2024 Consumer Electronics Show (CES), Kia revealed its PBV strategy for the first time. The vehicles are designed as “total mobility solutions” that combine fit-for-purpose EVs with Hyundai’s latest software and tech.
Kia’s PBVs are based on Hyundai’s new ultra-flexible E-GMP.S EV platform, which can be custom-tailored for different uses. The first EV based on the platform, the PV5, launched earlier this year in the UK in two variations, Cargo and Passenger.
The Passenger model is fairly self-explanatory as a personal, everyday van, while the Cargo version is designed for commercial use.
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Kia said more variants were on the way, including a refrigerated truck, chassis cab, open-bed, luxury “Prime” passenger, and sliding truck models.
The open-bed variant was recently captured driving in Korea, giving us our first look at the Kia PV5 as an electric truck.
Kia PV5 open bed teaser (Source: Kia)
Although brief, the video from HealerTV, taken as the vehicle was driving by, reveals a few new details. It’s our closest look at the open-bed variant so far.
Like other PV5 variants, it appears to be the same up front. In fact, it’s almost identical to the first teaser Kia showed.
Kia PV5 open bed electric truck (Source: HealerTV)
It’s hard to tell from a video, but the reporter mentioned the electric truck “seemed like it was just the right size.” Since the PV5 Passenger is 4,695 mm in length, 1,895 mm in width, and 1,899 mm in height, we can expect it to be about the same size. To give you a better idea, it’s slightly smaller than the Volkswagen ID.Buzz SWB.
More variants on the way
The electric truck, or open-bed variant, comes after we saw the PV5 “Conversion,” which will feature new models, including a light camper and a camper van.
We got a preview of the camper van after Kia revealed two new “Spielraum” PV5 concepts, including one with a refrigerator, microwave oven, and even a wine cellar. And then we got a look at the PV5 “WKNDR,” an “adventure-ready” electric van concept. Kia’s electric van even has a wheelchair-friendly version, the PV5 WAV.
Kia PV5 Spielraum concept (Source: Kia)
What’s next? Kia plans to launch a full range of electric vans. Next up will be the larger PV7 in 2027, followed by the PV9 in 2029. There’s also a smaller PV1, expected to arrive in late 2026 or early 2027.
In the future, Kia plans ot launch a Robotaxi model through a collaboration with Motional. All PBV models will be built at Kia’s Hwaseong EVO plant in South Korea. The facility can build up to 150,000 vehicles annually.
Kia PBV models (Source: Kia)
Kia said its goal is to “design PBVs that are simple and intuitive to operate and engage with, regardless of where, when or how they are used.” In other words, Kia wants to make your life easier, “Whether the purpose of the vehicle is to transport people, move goods, or meet logistics or personal mobility needs.”
In the UK, the PV5 Passenger and Cargo models start at £32,995 ($44,000) and £27,645 ($37,000), respectively.
It’s available with two battery pack options: 51.5 kWh or 71.2 kWh, offering WLTP ranges of 179 miles and 249 miles, respectively. The Cargo version gets slightly more range with 181 miles or 247 miles, respectively.
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