FOR IMMEDIATE RELEASE

MEDIA CONTACT: Stefanie Spear, sspear@asyousow.org, 216-387-1609

BERKELEY, CA—MARCH 21, 2022—Shareholder advocacy group Majority Action last week filed an exempt solicitation asking investors to oust two board members — chairman Michael Wirth and board member Ronald Sugar — at oil major Chevron due to the company’s failure to sufficiently cut its carbon emissions. 

Majority Action bases its board challenge on the inadequacy of the company’s climate plans, which seek to reduce product emissions intensity by 5%, far short of the net-zero-by-2050 goal necessary to avoid catastrophic climate impacts. Further, Chevron’s reduction goal is not responsive to last year’s majority vote requesting that Chevron set greenhouse gas reduction targets that substantially reduce its carbon emissions.

“As the climate crisis grows, and impacts are felt across the economy, investors are taking company boards to task for failing to act in line with global climate goals,” said Danielle Fugere, president of As You Sow. “Board leadership is critical to a company’s climate response and where boards fail to respond to investors’ climate concerns, investors are increasingly looking to replace them.” 

This campaign follows last year’s successful challenge to ExxonMobil’s board based on its weak climate strategy and financial performance. Dissident shareholders were able to replace five board seats on the company’s 12-member board. 

Chevron’s annual general meeting is expected to take place in late May 2022.

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As You Sow is the nation’s leading shareholder advocacy nonprofit, with a 30-year track record promoting environmental and social corporate responsibility and advancing values-aligned investing. Its issue areas include climate change, ocean plastics, pesticides, racial justice, workplace diversity, and executive compensation. Click here for As You Sow’s shareholder resolution tracker.