Chevron Shareholdersโ $55 Billion Dollar Answer [Ecuador]
Chevronโs 2014 annual shareholder meeting was remarkable in one respectโฆshareholders remained demonstrably unimpressed with managementโฆ[and] continued to vote in significant numbers for resolutions critical of the companyโs conduct in Ecuador. For instance, the shareholder resolutionโฆcalling for a board director with environmental expertise earned essentially the same votes as the previous yearโฆBy contrast, the resolutionโฆled by Investor Voice asking for a reduction in the threshold of shareholders needed to call a special shareholder meeting actually increased its voteโฆOverall, these results demonstrated continued shareholder support for the resolutions urging corporate governance reform at Chevron citing the companyโs mismanagement of its liability for oil pollution in the Ecuadoran AmazonโฆIf Chevron managementโs question before the meeting was how many of its investors remained critical of its legal mismanagement in Ecuador, Chevronโs shareholders came back with the clear answer: $55 billion. Any way you calculate it, itโs significant and sustained shareholder dissent.