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16 Jun 2014

CSR Strategy Group

Chevron Shareholders’ $55 Billion Dollar Answer [Ecuador]

Chevron’s 2014 annual shareholder meeting was remarkable in one respect…shareholders remained demonstrably unimpressed with management…[and] continued to vote in significant numbers for resolutions critical of the company’s conduct in Ecuador. For instance, the shareholder resolution…calling for a board director with environmental expertise earned essentially the same votes as the previous year…By contrast, the resolution…led by Investor Voice asking for a reduction in the threshold of shareholders needed to call a special shareholder meeting actually increased its vote…Overall, these results demonstrated continued shareholder support for the resolutions urging corporate governance reform at Chevron citing the company’s mismanagement of its liability for oil pollution in the Ecuadoran Amazon…If Chevron management’s question before the meeting was how many of its investors remained critical of its legal mismanagement in Ecuador, Chevron’s shareholders came back with the clear answer: $55 billion.  Any way you calculate it, it’s significant and sustained shareholder dissent.