Shareholders asked oil and gas giant Chevron to cut emissions. Now some want the chairman ousted.
In a statement to The Washington Post, the company said: “Chevron’s board of directors reviews proposals from shareholders in detail and will make recommendations to stockholders about how to vote on each request in our proxy statement, which we plan to publish next month.”
Environmental groups and scientific reports say emissions cuts are critical to thwarting climate change and to the broader health of the planet. But some shareholder groups say companies also have a narrower financial reason to move away from fossil fuels: Eventually, governments will impose stricter limits on their use, they say, and even if they do not, alternative energy sources eventually will become cheaper and shrink the demand for oil and gas.
This year’s bid to unseat Wirth and Sugar builds on a key event last year, when a shareholder group presented a resolution calling for Chevron “to substantially reduce the greenhouse gas emissions of their energy products.”, the group that submitted the resolution. “We must get substantial reductions.