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May 30, 2012

 

Shareholder Votes on Corporate Governance at Chevron Annual Meeting Show Strong Results

Preliminary results of three shareholder resolutions proposed by the New York State Common Retirement Fund (Fund) along with other investors at the annual meeting of Chevron today in San Francisco, California showed strong support for the initiatives.

A resolution which asked Chevron to separate the positions of chief executive officer and chairman of the board of directors received 38 percent of votes in favor, more than double the amount that it received the last time it was on the ballot in 2008. A resolution sponsored by the Fund calling on Chevron to appoint an independent director with environmental expertise to its board received 23 percent of the vote. A third resolution asking the company to lower the threshold for calling special shareholder meetings received 30 percent of the vote.  

“There is rising shareholder concern over the independence and accountability of Chevron’s board of directors,” DiNapoli said. “As investors have seen time and again, Chevron does not have adequate policies and practices in place to address significant environmental issues when they arise. Change is needed and shareholder dissatisfaction is duly noted in these vote totals.”

DiNapoli is the trustee of the estimated $150.3 billion Fund, which holds approximately 7.2 million shares of Chevron worth an estimated $700 million.  Earlier this month, DiNapoli joined with 39 other investors from the United States, Canada and Europe, with a combined total of $580 billion in assets under management, in calling on Chevron to settle its two-decade-long legal battle with indigenous populations in the Amazon rainforest.


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