Exxon and Chevron Face Proxy Firm Dissent Before Annual Meetings
Leading proxy advisers ISS and Glass Lewis have urged shareholders to vote against certain executive pay packages and climate disclosures at Exxon and Chevron's annual meetings. Debate centres on Chevron's Vaca Muerta plans and the future of its Latin American operations. Shareholder votes are due later this month.
Proxy advisers Institutional Shareholder Services and Glass Lewis have recommended votes against certain executive pay packages and climate disclosures at Exxon Mobil and Chevron's coming annual meetings. Their reports argue neither company has offered a clear plan for the long-term energy transition.
For Chevron, the controversy centres on its sweeping investment in Argentina's Vaca Muerta shale basin. The company's regional output topped 220,000 barrels a day last year, but climate activists argue the spending is incompatible with net-zero commitments. Exxon has drawn fire for resisting fuller disclosure of emissions from its large Guyana oil project.
With Latin American operations carrying growing weight on each company's balance sheet, pressure from proxy firms could directly affect their regional strategy. The shareholder vote will help shape near-term investment decisions from Brazil to Argentina.
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