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Artículo

Chevron Shareholders Still Wary of Risks From $11 Billion Ecuador Judgment

Chevron shareholders remain wary of the risks from an $11 billion judgment against the company in Ecuador. They also continue to be critical of Chevron management’s mishandling of the case.

At Chevron’s annual shareholder meeting in May…[s]hareholders voted 378,540,311 shares in support of a resolution that cited management’s mishandling of the case in Ecuador and called for tighter shareholder oversight…

Proponents believe that Chevron’s management has materially mishandled legal matters brought against the company by communities in Ecuador – in ways that increased liabilities for the matter, currently amounting to $9.5 billion. Moreover, proponents are concerned about the adequacy of the company’s disclosure of those risks to shareholders. Finally, proponents are deeply troubled that the company has harassed longstanding shareholders who questioned the company’s approach to these issues….

…It is our belief that instead of negotiating an expedient, fair, and comprehensive settlement with the affected communities in Ecuador, Chevron management pursued a costly, risky, and ultimately unsuccessful legal strategy that involved material missteps…

Part of the following stories

Perfil de las demandas judiciales contra Chevron/Texaco por actividades en Ecuador

Chevron’s shareholders support resolution citing management’s mishandling of lawsuit over oil pollution in Ecuador