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Chevron Shareholders Reject Proposal to Disclose Climate Risks


Author of the article:
Bloomberg News
Paul Takahashi
Publishing date:May 26, 2022 • 

(Bloomberg) — Chevron Corp. shareholders rejected two proposals calling for the US oil major to disclose climate risks to its business and set more rigorous targets to cut pollution.

More than 60% of shareholders voted against the proposals during Chevron’s annual meeting on Wednesday, according to preliminary results issued by the company.

The votes come as historic profits by oil majors such as Chevron eclipse concerns about combating climate change. Similar proposals at ConocoPhillips Co. and Occidental Petroleum Corp. also failed to garner votes this month.

Dutch investor group Follow This proposed that Chevron set targets to reduce carbon emissions, including those of its customers, in line with the Paris Agreement.

Chevron’s board opposed the measure, saying it has already developed a “portfolio carbon intensity” metric that measures emissions from oil and gas production and from its customers. The company also said it wouldn’t reduce its greenhouse gas emissions by changing its fossil-fuels portfolio, because it wouldn’t serve its shareholders who benefit from its “strong asset base.”

Shareholders also rejected a proposal requesting Chevron provide reports on how the International Energy Agency’s net-zero by 2050 plan would impact the company’s business. Investors overwhelmingly approved a Chevron-supported proposal to report on the reliability of the company’s methane emission disclosures.

Proposals seeking to avoid doing business with governments involved in crimes against humanity and an audit on racial equity and environmental racism also failed.

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