Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Proxy advisor ISS recommends votes for Chevron CEO, directors

Stock Markets May 15, 2021 02:25PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: Chevron Corp Vice Chairman Michael Wirth speaks at Gastech, the world's biggest expo for the gas industry, in Chiba, Japan April 4, 2017. REUTERS/Toru Hanai

By Jennifer Hiller

(Reuters) - Influential proxy advisor Institutional Shareholder Services (ISS) has recommended shareholders back Chevron Corp (NYSE:CVX) Chief Executive Michael Wirth for reelection to the company's board and oppose a proposal to split the CEO-chairman role at the No. 2 U.S. oil producer.

ISS urged votes for Wirth but said Chevron could take additional steps to better manage climate-related risks, according to its report. While Chevron has pledged to limit the pace of growth of its carbon emissions that contribute to climate change, it has not set longer-term targets to achieve net zero as many European rivals have done.

The recommendations come ahead of the company's shareholder meeting on May 26.

ISS also recommended backing other Chevron directors and is also in favor of shareholder proposals for reducing the emissions from customer use of the company's products, and developing a report on impacts of achieving net zero emissions by 2050.

The ISS recommendations carry weight among institutional investors and often guide how they vote at corporate meetings.

London-based governance advisor Pensions & Investment Research Consultants (PIRC) has urged opposition to Wirth because of the company's combined board chairman and CEO roles, and support of several climate and governance proposals.

Chevron also faces shareholder proposals asking it to report more information on lobbying, become a public benefit corporation and split the board chairman and CEO roles after the next chief executive transition.

The company is recommending that its investors vote against the shareholder proposals, including the one for an independent board chair after the next chief executive transition.

Proxy advisor ISS recommends votes for Chevron CEO, directors
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (3)
Lhabs Kie
Lhabs Kie May 15, 2021 6:04PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Ebenyi Wisdom
Ebenyi Wisdom May 15, 2021 3:26PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
okay
Faith Oluwaseun
Faith Oluwaseun May 15, 2021 3:22PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
okay
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email