Shareholders Reject ESG Proposals at Chevron's Annual Meeting
Chevron's shareholders have dismissed proposals demanding more analysis on human rights practices and shareholder meeting initiations. Amid diminishing focus on ESG resolutions due to renewed interest in traditional oil and gas, Exxon Mobil faced no shareholder resolutions for the first time since 1958. Both companies retained all director nominees and executive compensation plans.
During its annual meeting, Chevron shareholders voted down three proposals, including one seeking a report on human rights practices, highlighting a shift back to oil and gas interests over ESG matters. In contrast, Exxon Mobil encountered no investor resolutions for the first time in over 60 years, attributed to its strong performance and resistance to proposals deemed harmful to business operations.
The failed Chevron resolutions included a measure to allow shareholders with at least 10% stake to call special meetings, as well as an analysis examining whether investments in renewable energy risk becoming stranded assets. Fewer resolutions on ESG topics were presented this year due to waning investor interest, as renewable energy returns underperformed expectations.
Exxon CEO Darren Woods credited the absence of shareholder resolutions at Exxon to the company's superior performance and strategic resistance to detrimental proposals. Shareholders for both Chevron and Exxon ultimately endorsed all director nominees and executive compensation packages, reflecting a favorable outlook for their traditional business models.
(With inputs from agencies.)
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