Exxon Suit ‘Threatens to Silence’ Shareholders, Calpers CEO Says

Exxon Mobil Corp. may set a dangerous precedent by suing shareholders over a climate-related proposal, according to the head of the California Public Employees’ Retirement System, the largest public pension in the US.

The lawsuit “has far more implications than just climate,” Calpers Chief Executive Officer Marcie Frost said in a Bloomberg Television on Wednesday, the same day Exxon held its annual shareholder meeting. “It could be say on pay, it could be independence of board governors, and governance. This could be a very risky lawsuit to continue with if you’re an owner.”