For a third straight year, Chevron held its annual shareholder meeting virtually. Chevron faced a barrage of shareholder proposals as well as opposition to the election of directors Ron Sugar and Michael Wirth, and failed to respond to the most pressing questions from shareholders about its practices. Five out of six shareholder resolutions concerning climate change and human rights received support from shareholders representing billions of dollars of assets under management but failed to earn majority support. Meanwhile, management either dodged or completely ignored questions on the issues raised in the resolutions. Chevron disclosed that it received over 260 questions and comments prior to the meeting, but the CEO only responded to a select few cherry-picked by moderators. Chevron – the largest contributor to global warming emissions among all investor-owned oil companies – has earned a reputation as a systemic human rights violator and gross polluter which engages in extrajudicial attacks on critics in the media. This comes days after activists rallied in Richmond, CA and around the world for Global Anti-Chevron Day.
A full audio recording of Chevron’s AGM can be accessed here.
During the meeting, Chevron had nothing to say in response to the survivors of its disastrous toxic dumping in the Ecuadorian Amazon. Donald Moncayo, President of the Union of Persons Affected by Texaco/Chevron (UDAPT), sent a video to shareholders from one of the company’s toxic dumping pits, powerfully documenting the damage done by Chevron in Ecuador:
“For us, for these 11 years that Chevron has remained a fugitive of the Ecuadorian justice system for this environmental crime committed here, they have taken the lives of hundreds of people through the illness of cancer. To Chevron shareholders and management: I don’t know how many more people you want to continue dying from this crime you have committed… Those of you who have families: Know that this damage that you have caused has broken family bonds, leaving children orphaned… This must stop. Chevron has to pay up.”
Paul Paz y Miño of Amazon Watch issued the following statement responding to Chevron CEO Mike Wirth’s comments at today’s AGM:
“Chevron CEO Mike Wirth continues to present demonstrably false and outrageous claims to shareholders and the public, saying Chevron has ‘always had a strong commitment to protecting the environment’ while refusing to even respond to the report detailing over $50 billion Chevron owes to communities around the world for environmental and human rights crimes. He has continued to ignore shareholders, the global community, and even the U.S. Congress itself. Not only did Wirth fail to respond in any way to the international cases of human rights and environmental damages referenced in the special meeting’s resolution, but he ignored multiple submitted shareholder questions on the subject.
Chevron once again took advantage of the virtual meeting format to ignore scores of questions about its environmental destruction and human rights crimes. And for the first time in a decade, Chevron made no mention of human rights attorney Steven Donziger, perhaps because its repeated efforts to cast him as a fraudster have failed, considering the widespread and growing support for Donziger including from members of Congress and the UN High Commission for Human Rights.
We are heartened that 48% of shareholders in preliminary voting supported Item 9, calling for Chevron to perform and publicize the results of a racial equity audit. Black, Brown, and Indigenous communities suffer disparate impacts of the company’s toxic pollution, including respiratory illness and cancer, from the Ecuadorian Amazon to the fenceline of its refineries in places like Richmond, California.”
Dr. Nan Greer, author of the Chevron’s Global Destruction report, says:
“I attended Chevron’s annual shareholder’s meeting today. I was disturbed by the CEO’s comment that Chevron has been ‘doing ESG (Environmental, social, and corporate governance) since before it was a thing’ as well as his statement that Chevron’s ‘commitment to human rights is reflected throughout our business.’ The CEO also claimed Chevron has had ‘operational excellence’ with its management systems relating to biodiversity and human rights. I find these statements appalling and directly contradicting the monstrous publicly accessible evidence left in communities around the world to the contrary.
I am concerned for the company’s shareholders who continue to believe the charades of its leaders, who refuse to address the profuse liabilities and damages for which the company must account. At a minimum, Chevron owes over $50.5 billion in 71 cases of 31 different countries. There are more cases coming out of international courts even this month, adding over $18 billion more to this figure. When will shareholders demand honesty of this company leadership? The company statement to the SEC claiming it simply could not afford to address damages even in Ecuador, with no reference to multiple cases of like character elsewhere, ought to be a warning to shareholders that their stock is incredibly overvalued, and indeed, a terrible investment.”
Rep. Rashida Tlaib released a video ahead of the AGM calling on Chevron management to respond to the report and explain when it will compensate affected communities.
“Last year Chevron CEO Mike Wirth testified before the House Oversight Committee where I sit, and I asked him directly when he was going to write the check for the damage Chevron has caused. I even sent him questions after the meeting, and I have yet to receive the answers. Chevron shareholders and Chevron victims deserve answers today. So I’ll ask him again, when are you going to write the check, Mike?”
The House Oversight Committee has plans to bring in Chevron CEO Wirth for additional questioning, where Wirth will not be able to continue to ignore the multitude of debts Chevron owes for its lengthy pattern of environmental destruction and violating human rights.
Relevant links:
- Full text of shareholder proposals can be found on Chevron’s website.
- Video of an investor briefing by environmental and human rights advocates on May 12 explaining relevant shareholder proposals
- Drone footage of art at Chevron’s Richmond refinery protesting the company’s greed
Preliminary vote results:
- Item 5 – 33% Support – Adopt Medium- to Long-Term GHG Reduction Targets
- Item 6 – 39% Support – Report on Impacts of Net Zero 2050 Scenario
- Item 7 – 98% Support – Report on Reliability of Methane Emissions Disclosures
- Item 8 – 12% Support – Report on Business with Conflict-Complicit Governments
- Item 9 – 48% Support – Report on Racial Equity Audit
- Item 10 – 27% Support – Set Special Meetings Threshold at 10%
