Calpers owns 3.9 million Occidental shares, according to data compiled by Bloomberg data.
A similar proposal filed by a different group of Occidental shareholders last year received almost 42 percent of the vote, including abstentions, according to Proxymonitor.org.
Global oil and gas companies are increasingly examining climate change issues. In 2015, the boards of Royal Dutch Shell Plc, BP Plc and Statoil ASA endorsed shareholder proposals asking them to report on how climate change will affect their businesses.
Companies such as Exxon Mobil Corp., and Chevron Corp. have faced similar proposals, but this is the first time this type of proposal has passed over a board’s objection, according to Bloomberg Intelligence analyst Gregory Elders. Exxon shareholders are due to vote on a similar proposal May 31.
Asset managers including BlackRock are also beginning to evaluate how companies they invest in grapple with climate change. Earlier this year, some of BlackRock’s own shareholders submitted a proposal asking the asset manager to clarify how it will vote on environmental and social issues. BlackRock published a clarified proxy voting policy in March.
Wespath Investment Management, the Nathan Cummings Foundation, Calpers, and New York State and Connecticut pension funds co-filed the resolution.
This article was provided by Bloomberg News.