Chevron Shareholders Reject Proposal for Independent Board Chair

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HOUSTON, May 27 (Reuters) – Chevron (CVX.N) ​shareholders rejected a proposal that would ‌have required an independent board chair separate from the CEO role, according to preliminary ​voting results at the annual ​meeting on Wednesday.


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Chevron opposed the proposal brought ⁠by the National Legal and ​Policy Center, saying it should have the ​flexibility to choose the structure of its board.

Proxy advisory firm Glass Lewis had recommended that ​investors approve the proposal, arguing that an ​independent board chair helps lead to a more ‌proactive ⁠and effective board.

The vote comes after ConocoPhillips investors struck down a similar proposal for the U.S. oil producer earlier ​this month.

Chevron ​shareholders ⁠also approved the election of all 12 nominees to its board ​and rejected two other shareholder ​proposals ⁠to produce reports on indigenous peoples’ rights and human rights impacts.

All voting results were ⁠in ​line with what Chevron ​recommended.

Reporting by Sheila Dang in Houston and Vallari ​Srivasatava in Bengaluru; Editing by Anil D’Silva

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