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Chevron Shareholders Back Board, Reject Climate Change-Related Measures

Chevron Corp.'s board achieved all of its goals at the annual meeting on Wednesday, with every measure it proposed approved and every shareholder-backed item rejected, including one that would have required the supermajor to complete a climate change assessment.

CEO John Watson, who oversaw the meeting from San Ramon, CA, offered an overview ahead of the vote tally to describe how the supermajor is managing through current market conditions. He ensured shareholders that management was "taking significant actions to ensure we are well placed to emerge from this challenging operating environment in a position of strength."

Only one board-back proxy measure faced much resistance -- compensation for the executive officers -- with 54% in approval. Only one shareholder-backed measure was even close to passage, with 41% voting to require a climate change impact assessment.

Items approved included electing 10 nominees to the board (96%), appointing PricewaterhouseCoopers LLC as independent public accounting firm (99%) and approving equity compensation/deferral for non-employee directors (90%).

Items rejected also included shareholder proposals to issue a lobbying report (73%), setting targets to reduce greenhouse gas (GHG) emissions (92%), changing reserve replacement methods (93%), adopting a dividend policy (96%), reporting on shale operations (69%), appointing an independent director with environmental expertise (81%) and to set meetings threshold at 10%.

ExxonMobil shareholders also on Wednesday rejected similar shareholder-backed measures related to GHGs, appointing an independent director with environmental expertise and reporting on hydraulic fracturing measures (see related story).

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