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Chevron’s Investors Defy Board in Demanding Climate Disclosures

  • Oil major told to report how lobbying aligns with Paris accord
  • Some 53% of investors back proposal in preliminary vote count
    

Photographer: David Paul Morris/Bloomberg

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In a rare move against Chevron Corp.’s board, shareholders of the U.S. oil giant are calling on the company to disclose lobbying efforts and ensure that they support international goals to combat global warming.

The proposal was the only one where a majority of Chevron’s investors diverged from the board’s recommendations in an annual meeting held virtually Wednesday. The matter was brought by BNP Paribas Asset Management, which has stepped up efforts in recent years to help further the international Paris Agreement on climate change. BlackRock Inc., Chevron’s second-biggest shareholder, also backed the measure.