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25 Apr 2006

Amazon Watch

With Enron as Backdrop, Chevron Faces Mounting Corporate Governance Problems of Its Own, Amazon Watch Warns

Chevron CEO David O'Reilly and the company's top management...face a rising tide of anger over corporate governance problems related to a multi-billion liability for oil contamination in Ecuador's rainforest... The lawsuit, on trial in Ecuador's Sucumbios Province, asserts that the contamination forced two indigenous groups to the brink of extinction and led to a surge in cancer rates. Experts estimate that Chevron's liability could be in the billions... O'Reilly will face hot-button issues over Chevron's growing Ecuador problem: * Several shareholders, including the New York State Common Retirement Fund and Trillium Asset Management, have put forth three resolutions urging Chevron to address various human rights issues in Ecuador. * Representatives of Amazon Watch have filed a complaint with the SEC over Chevron's failure to disclose the Ecuador liability to shareholders... [also refers to Texaco (part of Chevron)]

Part of the following timelines

Ecuadorians to confront Chevron CEO at shareholder meeting over claims its operations damaged environment & human health - company denies responsibility

Texaco/Chevron lawsuits (re Ecuador)