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Chevron Investors Back Climate Proposal in Rebuke to C-Suite

  • CEO says company can boost returns, cut carbon at same time
  • Mike Wirth speaks in Bloomberg TV interview after vote
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Chevron CEO Mike Wirth speaks with Bloomberg Television.(Source: Bloomberg)
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Chevron Corp. shareholders voted for a proposal to reduce emissions from the company’s customers, the latest sign that oil titans are coming under increasing pressure to address environmental concerns.

According to a preliminary tally, 61% of investors backed the proposal at the company’s annual investor meeting on Wednesday, rebuffing the company’s board, which had urged shareholders to reject it. An item asking Chevron to report on how a significant reduction in fossil-fuel demand would affect its business and a request for a report on political lobbying were narrowly voted down.