What Chevron Owes the People of Lago Agrio [Ecuador]
A [recent] U.S. Appeals Court decision…makes it more likely than ever that Chevron will be forced to make a massive payout to the people of the Ecuadorian Amazon. While Ecuador is nearly 3,000 miles away from New York, the final outcome of this case could have an impact on the New York State pension fund…New York's $146.9 billion Common Retirement Fund…holds nearly $780 million worth of Chevron stock. The Fund benefits when its portfolio companies remain profitable by pursuing responsible and sustainable business policies in the communities in which they operate. Chevron is no exception…It's time for the energy industry to start afresh with a new approach to environmental responsibility and risk management, both domestically and internationally. Chevron must do what's right for its investors, and its future viability, by negotiating a fair settlement that restores the company's reputation.